70% of Jamaica population to adopt CBDC in 5 years, prime minister says
The Caribbean country expects a nationwide CBDC rollout by the end of the first quarter of 2022. Central bank digital currency (CBDC) evolved into a hot topic in Jamaica when the country’s central bank successfully completed the first pilot test in early January.Following the tests, the country's prime minister, Andrew Holness, has spoken confidently about CBDC adoption in the country.Holness has predicted the majority of the Jamaican population would be quick to adopt the digital currency, with over 70% using the CBDC within five years. The Jamaican prime minister highlighted reduced....
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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....
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.....
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....
“Jamaica Digital Exchange” — Jamaica’s soon-to-be-released CBDC — will see citizens with crypto wallets receive a $16 deposit to help spread awareness and usage. The first 100,000 Jamaican citizens to use the country’s new central bank digital currency (CBDC) known as Jam-Dex, will be given a free $16 payment in the hopes of promoting widespread adoption. Jamaican prime minister Andrew Holness first announced the news in a Facebook post on Thursday. The post received a mixed response as some Facebook users praised Holness for “embracing a digital future”, while others expressed concern....
Jamaica’s quest for digital financial transformation is gaining momentum, and its homegrown Central Bank Digital Currency (CBDC), Jam-Dex, is at the heart of this change. Recent developments suggest that the transportation sector, particularly bus and taxi drivers, is looking to leverage the benefits of Jam-Dex. Such an inclination points towards a larger narrative: Jamaica’s aggressive […]