Bank of Jamaica plans to launch CBDC in the first quarter of 2022

Prime Minister Andrew Holness has predicted that in five years three out of four Jamaicans will be using the nation’s digital currency

24.02.2022 - 11:10

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What’s new? The Bank of Jamaica (BOJ) is on track to introduce its central bank digital currency in the first quarter of 2022. The BOJ aims to increase the number of commercial banks that will accept new users and conduct CBDC testing prior to implementation.

Information on the Jamaica Observer website

How did events develop? The Bank of Jamaica began a CBDC pilot project in May 2021 and completed it in December, announcing that the national rollout will begin in the first quarter of this year. According to Natalie Haynes, the central bank’s deputy governor in charge of financial markets and foreign exchange operations, the country is still on track to achieve this goal.

What are the prospects? During the central bank’s digital quarterly media briefing, Haynes said the Bank of Jamaica is working on three programs to ensure the system is rolled out by the end of March. One of these is to increase the number of depository institutions that can help attract new users. The regulator is also pushing for an amendment to the Bank of Jamaica Act that will make CBDC a legal tender and appoint the BOJ as the sole issuer.

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