The Central Bank of Jamaica issued its first batch of CBDCs
The pilot program was originally scheduled to start in May, but was postponed for unspecified reasons.
The Bank of Jamaica released the island nation's first batch of central bank digital currencies (CBDCs) on Monday.
The Central Bank of Jamaica issued its first batch of CBDCs
Depository institutions and authorized payment service providers will be allocated J$230 million, or about $1.5 million, as part of the CBDC pilot program, which will end in December.
At a ceremony Tuesday, Jamaica's finance minister, Dr. Nigel Clark, promised that by the end of the fiscal year there would be a legislative amendment to accompany the country's CBDC.
The bank was originally scheduled to begin its pilot program in May, but was postponed for unspecified reasons. Jamaica has been working on a CBDC since early 2020.
The bank was originally scheduled to begin its pilot program in May, but was postponed for unspecified reasons. Jamaica has been working on a CBDC since early 2020.
The central bank has been working on the project with Irish technology firm eCurrency Mint.
According to CoinDesk, the Jamaican government believes an accelerated transition to a digital society and economy is vital to economic recovery after the COVID-19 pandemic.
According to CoinDesk, the Jamaican government believes an accelerated transition to a digital society and economy is vital to economic recovery after the COVID-19 pandemic.
The government said the expected benefits of CBDC include greater accessibility to financial services because it will provide another, easier means to make payments, and for depository institutions to improve cash management processes and costs.
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