Jamaica’s CBDC Is Due to Launch This Year

According to an announcement from Jamaica’s Prime Minister Andrew Holness the Bank of Jamaica plans to “roll out” its central bank digital currency (CBDC) after the country’s successful pilot last year.

Jamaica’s CBDC Is Due to Launch This Yea
Jamaica, the island country situated in the Caribbean Sea is planning to launch its CBDC this year, according to Prime Minister Andrew Holness. The Jamaican bureaucrat tweeted about the CBDC on February 10, when he said: “the Bank of Jamaica will roll out our own digital Jamaican dollar in 2022 after a successful pilot during 2021.”

The statement follows the Jamaican central bank’s “successful” pilot it experimented with last year. At the end of 2021, the Bank of Jamaica told the publicthree schemes were tested during the pilot phase.

The statements stemming from Holness reiterated that the CBDC was successful and the digital currency will be the foundational infrastructure. “This will serve as a foundation for Jamaica’s digital payments architecture and will facilitate greater financial inclusion, increase transaction velocity while reducing the cost of banking for the Jamaican people,” Holness insisted