Bank of Jamaica to begin digital currency pilot in August
The Bank of Jamaica is getting ready to begin testing its planned central bank digital currency in collaboration with financial institutions in the country. Jamaica’s central bank will reportedly commence the initial roll-out of its central bank digital currency (CBDC) project in August.According to a report by the Jamaica Observer on Wednesday, Bank of Jamaica (BOJ) Governor Richard Byles made this known during a Rotary Club event earlier in July.Detailing plans to begin the pilot phase in August, Byles revealed that the BOJ was currently working on the technical aspects of the CBDC....
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While a number of countries are working on central bank digital currencies (CBDCs), on Tuesday, the Bank of Jamaica (BoJ) announced it will soon be piloting a CBDC project. The BoJ is working with a firm called Ecurrency Mint Incorporated and plans to pilot the cryptocurrency in May. Jamaican CBDC to Pilot this May Jamaica, the island country situated in the Caribbean Sea has plans to pilot a CBDC this May as it has been working with an “extensive procurement process.” The country’s central bank, the BoJ, has chosen a technology provider to help with the CBDC solution.....
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 Year
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....
The Bank of Jamaica has partnered with an Ireland-based tech firm for its central bank digital currency project scheduled to begin in May. Jamaica is the latest country making concrete efforts towards issuing its own sovereign digital currency.According to a press release by the Bank of Jamaica on Tuesday, eCurrency Mint, a cryptography security company specializing in central bank digital currency issuance has been selected as the technology provider for the sovereign digital currency project.As previously reported by Cointelegraph, Jamaica’s central bank invited technology solution....
The Bank of Jamaica initially partnered with the Irish cryptography firm eCurrency Mint for its CBDC project in March 2021. The Bank of Jamaica (BoJ) has successfully completed its first central bank digital currency (CBDC), targeting a national rollout in the first quarter of 2022.After proceeding with initial CBDC prototype testing in March 2021, Jamaica’s central bank finished an eight-month-long pilot last Friday, the Jamaica Information Service reported.As part of the pilot, the BoJ minted 230 million Jamaican dollars ($1.5 million) worth of the CBDC for issuance to deposit-taking....
The Bank of Jamaica plans to issue a total of $1.5 million of CBDC to institutions and authorized payment service providers as part of a pilot ending this December. Jamaica is aggressively progressing with the country’s central bank digital currency (CBDC) as the Bank of Jamaica, or BOJ, has minted the country’s first batch of CBDC.The BOJ officially announced that its dedicated CBDC division demonstrated the process of minting digital currency at a financial ceremony on Monday.The issuing process for a digital version of the Jamaican dollar (JMD) was carried out with participation from....