Prime Minister Holness: 70% of Jamaica's population will switch to CBDC in 5 years
He noted the advantages of using CBDC, including the reduced banking costs and inclusiveness
17.01.2022 - 13:15
309
1 min
0
What’s new? The Central Bank of Jamaica (BoJ) has successfully completed a pilot test of CBDC in early January. Following this, the country's Prime Minister Andrew Holness spoke confidently about the adoption of a central bank digital currency in the country in an interview with Bloomberg.
Information on the Bloomberg website
What else did Holness say? He predicted that the majority of Jamaica's population will quickly adopt the digital currency, with more than 70% using CBDC within five years. In the interview, the Jamaican Prime Minister noted the advantages of using CBDC, including the reduced banking costs and inclusivity.
“There will be some initial challenges. We need to figure out how to give people access to digital devices and the internet in general.”
What had happened before? The Bank of Jamaica has pioneered CBDC with one of the world's first nationwide pilots. After partnering with the Irish cryptocurrency company eCurrency Mint in March 2021, the central bank launched an eight-month pilot project.
The bank issued 230 million JMD in CBDC to the deposit-taking institutions and authorized payment service providers. The BoJ then issued 1 million JMD in CBDC to employees of the BoJ Banking Department and another 5 million JMD to the National Commercial Bank, the country's major financial institution.
Useful material?
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Mining
Along with this, the company will reduce non-mining business units
Nov 8, 2024