Central Bank of Jamaica prepares to issue CBDC

The island’s national digital currency may appear as early as this year

14.02.2022 - 10:00

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What’s new? Jamaica’s Prime Minister Andrew Holness has posted the news on his Twitter about the central bank’s imminent launch of its own central bank digital currency (CBDC). It’s about a digital Jamaican dollar.

The Bank of Jamaica will roll out our own digital Jamaican dollar in 2022 after a successful pilot during 2021.— Andrew Holness (@AndrewHolnessJM) February 10, 2022

“The Bank of Jamaica will roll out our own digital Jamaican dollar in 2022 after a successful pilot during 2021.”

What is known about the new asset? According to the island’s authorities, the issuance of the digital dollar will significantly improve the efficiency of the financial system. Among the main benefits are reduced costs, faster transaction velocity, and greater access to the financial world for ordinary citizens.

In 2021, the authorities conducted extensive testing of a pilot version of their own digital dollar. The results showed that the asset is ready for the first phase of implementation, which will take place as early as 2022. Recall that previously was mentioned Kenya’s plans to use a central bank digital currency to facilitate cross-border transactions.

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