Jamaica’s Central Bank Mints Country’s First Batch of CBDCs

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The Bank of Jamaica minted the island nation’s first batch of central bank digital currencies (CBDC) on Monday. 

  • A total of J$230 million, or roughly US$1.5 million, will be issued to deposit-taking institutions and authorized payment service providers as part of the CBDC pilot program that ends in December. 
  • In a Tuesday ceremony, Jamaica Minister of Finance Dr. Nigel Clarke promised that a legislative amendment to accompany the country’s CBDC would be in place by the end of the fiscal year.
  • 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.
  • 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.
  • 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.

Related Stories

  • JPMorgan: CBDCs Must Not Cannibalize Commercial Financial Systems
  • CBDCs Can Stop Aid Falling Into Terrorist Hands
  • Fed’s Brainard Says US Can’t Not Have a CBDC in a World in Which Others Have Them
  • Brazilian Central Bank Projects ‘Significant Migration’ to Digital Payments

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Author: CoinDesk


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