Jamaica is planning to launch a central bank digital currency (CBDC) this year, Prime Minister Andrew Holness announced.
“This will serve as the foundation for Jamaica’s digital payments architecture. And it will facilitate greater access to financial services, speeding up transactions, while reducing banking costs for Jamaicans.”
The planned 2022 launch of the “digital Jamaican dollar” comes after a 2021 pilot project by Holness. saidgood success
in December of last year Bank of Jamaica (BOJ) revealedresultThe experiment revealed that it created a $230 million cryptocurrency on August 9 and issued a $1 million CBDC to the wallet provider the next day. and two months later also issued an additional $5 million in CBDC to depository institutions. National Commercial Bank NCB then hired 57 clients to transact between individuals. including transactions with retail stores
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