Central Bank of Jamaica announced the successful completion of the CBDC pilot project

The regulator plans to begin the nationwide implementation of the system in the first quarter of 2022

04.01.2022 - 12:00

592

1 min

What’s new? The Bank of Jamaica (BOJ) says that it has successfully completed tests of its central bank digital currency. The eight-month testing began in May 2021. This is reported by the Jamaica Information Service.

Information on the Jamaica Information Service website

How did events develop? On August 9, 2021, the Bank of Jamaica issued 230 million Jamaican dollars (JMD) ($1,5 million) in CBDC for issuance to the depository institutions and authorized payment service providers as part of the pilot.

The central bank then issued 1 million JMD ($6 500) worth of digital currency to the Bank of Jamaica Banking Department employees. On October 29, the regulator issued CBDCs worth 5 million JMD ($32 000) to the National Commercial Bank (NCB), one of Jamaica's largest financial institutions. Currently, the BOJ plans to begin the nationwide implementation of the system in the first quarter of 2022.

What had happened before? In July 2020, the Bank of Jamaica was inviting the wallet developers to apply for participation in the CBDC project. In March 2021, the Central Bank of Jamaica selected eCurrency Mint, an Irish firm specializing in cryptographic security, as the technology provider for its project.

Author: