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Bank of Jamaica All Set for Launch of Its CBDC

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Bank of Jamaica All Set for Launch of Its CBDC
  • Bank of Jamaica is all set for launching it’s CBDC
  • This ought to be the nation’s first CBDC ever.
  • The project was completed together with eCurrency Mint and will be launched by March 2022.

Ever since the mid of 2021, the Central Bank Digital Currency (CBDC) started to emerge and rapidly almost most of the countries around the world are now into it. Few countries have already launched their CBDC and are currently in circulation, like China, whereas the rest are either being developed or ready for launch. 

Note that, almost every nation which has stood against the Bitcoin (BTC) and the cryptocurrency are extremely stringent with their rules and regulations, are now completely into the CBDC. It’s the fact that digital forms of currencies have become a vital part of the current world finance. ‘Either go with the crypto or come up with your own CBDC’ has become the current motto for all countries’ financial departments.

In spite of all this, the country of Jamaica, which has long been developing it’s CBDC is all set to launch it. The Bank of Jamaica has been working together with CBDC solutions provider the eCurrency Mint for more than eight months for bringing forth it’s CBDC.

Jamaica’s First CBDC 

According to reports, the Bank of Jamaica (BoJ) has successfully completed it’s CBDC project and is all ready to launch it in March 2022. Moreover, the Jamaica Information Service states that the prototype has been on test since March 2021. 

Besides as part of the test, the BoJ has issued about 230 million Jamaican dollars (JMD) worth of CBDC  to various deposit institutions and payment services providers in August 2021.

In addition to this, BoJ also issued 1 million JMD worth CBDC to their bank staff for their test use. Also, as a part of the practical test use, BoJ has issued the National Commercial Bank (NCB), the largest financial institution of Jamaica, with 5 million JMD worth CBDC.

Apart from all this, BoJ will be issuing the CBDC through the wallets of NBC, and once the complete launch in March 2022, two more wallets will be added in to facilitate the CBDC.

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