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According to an announcement from Jamaica\u2019s Prime Minister Andrew Holness the Bank of Jamaica plans to \u201croll out\u201d its central bank digital currency (CBDC) after the country\u2019s successful pilot last year.<\/strong><\/p>\n 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<\/a>: \u201cthe Bank of Jamaica will roll out our own digital Jamaican dollar in 2022 after a successful pilot during 2021.\u201d<\/p>\n The statement follows the Jamaican central bank\u2019s \u201csuccessful\u201d pilot it experimented with last year. At the end of 2021, the Bank of Jamaica told the public<\/a> three schemes were tested during the pilot phase.<\/p>\n The statements stemming from Holness reiterated that the CBDC was successful and the digital currency will be the foundational infrastructure. \u201cThis will serve as a foundation for Jamaica\u2019s digital payments architecture and will facilitate greater financial inclusion, increase transaction velocity while reducing the cost of banking for the Jamaican people,\u201d Holness insisted. The Jamaican bureaucrat added:<\/p>\n This is a big step in building a nation of Peace, Opportunity, and Prosperity.<\/p>\n<\/blockquote>\n Jamaica\u2019s upcoming CBDC follows a small handful of nation-states like China, Nigeria, and Venezuela that have deployed CBDCs. Meanwhile, the European Commission has disclosed it would be unveiling a digital euro<\/a> bill in 2023, and the Federal Reserve has released research<\/a> and code on its CBDC project.<\/p>\n Bank of Jamaica worked with National Commercial Bank (NCB) on its CBDC pilot and a limited number of wallet providers. Jamaica\u2019s central bank issued approximately $230 million worth of the CBDC on August 9. Holness expects<\/a> more than 70% of the Jamaican population to adopt the CBDC in five years.<\/p>\n The vice-president of retail banking at Sagicor Bank Jamaica, Sabrina Cooper, told Jamaica Observer<\/a> that the CBDC wallet will not be just for leveraging the CBDC.<\/p>\n \u201cYour digital wallet is not just the CBDC, you can have debit and credit cards,\u201d Cooper insisted. \u201cIf you look at what\u2019s happening globally, the wallet is gonna look just like your physical wallet in your pocket or in your handbag. It\u2019s going to have your CBDC or some kind of digital currency cash equivalent, credit cards or even prepaid cards.\u201d<\/p>\nJamaica\u2019s CBDC Is Due to Launch This Year<\/h2>\n
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Jamaica\u2019s CBDC Wallet Will Work With Credit Cards and Prepaid Cards, Says Sagicor Bank Jamaica Executive<\/h2>\n