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Jamaica’s Central Bank to Start CBDC Pilot With Financial Institutions in August
The bank plans to expand the trial between September and December.
The Bank of Jamaica is planning to test its delayed central bank digital currency (CBDC) across financial institutions in August, according to a report in the Jamaica Observer.
STORY CONTINUES BELOW
- Speaking at a Rotary Club conference last week, Bank of Jamaica Governor Richard Byles said the banks plans to expand the trial between September and December and then gradually move toward a full-fledged launch.
- According to Byles, financial institutions will exchange CBDC with businesses and individuals at a rate of J$1 (US$0.07) in cash to 1 CBDC.
- “We're currently looking at all the technical sides of the system and we have a sandbox in the bank that we have the whole infrastructure in,” Byles said. ”As we work through the technical minting [redeeming] of the currency, we have to test it rigorously as a pilot and that we'll do in August.”
- The bank had originally planned to begin the pilot in May, but was delayed for unspecified reasons.
- The central bank is working with Ireland-based technology firm eCurrency Mint to support the rollout.
- As reported by CoinDesk, the Jamaican government views the accelerated transition to a digital society and economy as vital to an economic recovery following the COVID-19 pandemic.
Read more: Jamaica to Pilot CBDC Later This Year
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
