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Bank of Jamaica (BOJ) has minted Jamaica’s first batch of central bank digital currency (CBDC).
A total of JMD 230 million dollars in CBDC will be issued to deposit-taking institutions and authorised payment service providers during the CBDC pilot exercise which ends in December 2021.
BOJ’s CBDC team demonstrated the process of minting digital currency during a ceremony, and the process took place under the eyes of Minister of Finance, Nigel Clarke, BOJ Governor Richard Byles, members of BOJ’s senior management team, as well as the management team of technology provider, eCurrency.
Speaking at the ceremony, the minister promised that the legislative amendment to accompany CBDC will be in place before the end of this fiscal year. Furthermore, Deputy Governor Natalie Haynes advised that the judging process for the recent public contest to propose a name, tagline, logo and image design for Jamaica’s CBDC is complete and that the winners will be notified and announced soon.
The bank had originally planned to begin its pilot program in May but was delayed for unspecified reasons. Jamaica has been working on developing a CBDC since early 2020.
The central bank has been working with Ireland-based technology firm eCurrency Mint on the project.
The government said anticipated benefits of the CBDC include increased financial inclusion since it will provide another, easier-to-access means to make payments, and for deposit-taking institutions, the opportunity to improve cash management processes and costs.
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