Studies

Executive Summary:

The digital currency markets have witnessed significant developments after the global financial crisis in 2008, as trust in traditional financial markets declined. Market participants sought instruments that are not subject to regulatory frameworks established by securities regulators or central banks. The market capitalizations of these currencies reached record highs at times. The reasons for the lack of regulatory intervention to regulate these markets are due to several factors. Firstly, these regulatory bodies are not equipped, neither organizationally nor technically, to deal with the developments in these markets. Additionally, central banks were established to control paper and metal currencies and monitor banking activities, and their logic is centralized and cautious in making financial decisions. In contrast, the digital currency market is decentralized and transcends borders, and the manufacturing stages of these currencies are still unclear. Central banks should have the authority to track all stages of currency issuance. Therefore, central banks continue to deal cautiously with these currencies. On the other hand, their fluctuations are severe, and those dealing in them must be prepared for high possibilities of profit or loss because there is no logic in interpreting the behavior of these currencies. Moreover, the future of these currencies is surrounded by uncertainty.

Introduction

In modern societies, the independence of statistical agencies is one of the cornerstones of democracy. These agencies have the task of providing statistical data in the service of the public interest. Carrying out this role requires them to provide data to all users without delay, according to the best international standards, practices, classifications, and methodologies.

To standardize statistical principles globally, the United Nations General Assembly adopted the Fundamental Principles of Official Statistics in 2014. The Hashemite Kingdom of Jordan is one of the countries in the United Nations that has adopted and committed to these fundamental principles. These principles establish the general framework for the values and general principles of official statistics, emphasizing that the basic guarantee of the efficiency and effectiveness of these values and principles lies in the legislation and institutional frameworks established by national authorities. They also emphasize the necessity for respect for these principles by all political parties and users of data at the national and international levels.

Commitment to high-quality official statistical data is considered the cornerstone for developing the national information system. This system helps conduct analysis, planning, policy-making, and informed decision-making, supporting sustainable development efforts in economic, social, environmental, and other fields. Data also serve as the basis for monitoring and evaluating policy and program performance, identifying gaps, and assisting in making appropriate adjustments.

In an increasingly interconnected world amidst digital transformations, technological advancements, and international obligations, the work of statistical agencies must be based on clear local legislation and systems, as well as applied and declared ethical and professional conduct.

Public trust in the integrity of official statistical systems and confidence in the accuracy of statistics largely depend on the political authorities' respect for the fundamental values and principles that represent the pillars of any society seeking to understand itself, respect the rights of its individuals, and strive to achieve sustainable development goals. These principles confirm that the effectiveness of the fundamental values and principles governing statistical work depends on their embodiment in legal and institutional frameworks and their respect at all political levels and by all relevant parties in the national statistical system.

This paper discusses the concept of independence, reviews the fundamental principles of official statistics, and the characteristics of statistical agencies related to independence. It also addresses the Kingdom's international commitments in the statistical field and evaluates the extent of compliance with these principles.

The transportation sector constitutes one of the vital sectors in the national economy. This is evident through its contribution to the gross domestic product (GDP) as well as its role in stimulating growth in other economic sectors. Additionally, it plays a crucial role in creating job opportunities for Jordanians, thereby alleviating issues of unemployment and poverty.