Bank of Jamaica is making steady progress with the country’s central bank digital currency (CBDC). During a short financial ceremony organized on Monday morning, the Jamaican apex bank minted the country’s very first lot of fiat backed CBDC, ‘the digital version of the Jamaican Dollar.’
Reportedly, a total of J$230 Million in CBDC will be handed out to respective institutions and authorized payment service providers during the digital currency’s experimental trials which are anticipated to end in December this year.
At a short ceremony this morning, Bank of Jamaica (BOJ) minted Jamaica’s first batch of central bank digital currency (CBDC).
See the press release for more:#BOJSpeaks#FinanceTwitterJA https://t.co/4MJ7ZFuh9O
— Bank of Jamaica (@CentralBankJA) August 10, 2021
Bank of Jamaica Gives Green Flags To Central Bank Digital Currency
After a long wait by the countrymen, the Jamaican government has finally declared a full-fledged launch of the Jamaican Dollar Digital Version. Recently, the Bank of Jamaica officially announced that its dedicated CBDC Department has illustrated the minting of the very first batch of CBDC in a close financial meetup on August 10, 2021.
The CBDC minting was accomplished in the composure and presence of Jamaica’s Finance Minister, Nigel Clarke, a group of senior BOJ executives, BOJ Governor Richard Byles as well as a management committee from Irish technology firm eCurrency Mint.
The Jamaican Central Bank noted that the country’s CBDC intends to facilitate a number of benefits for citizens like being more efficient, safer and serving as a resilient means of payment. Moving forward, the BOJ noted that;
“For deposit-taking organizations and the federal authority itself, CBDC presents an opportunity to enhance cash management methods and expenses.”
Jamaican Finance Minister Nigel Clark also highlighted the country’s immense growth over the years through one of his recent tweets.
In September 1969 Jamaica decimalised the currency. In August 2021 the first digital Jamaican currency was produced. #DigitalSociety #DigitalEconomy #RecoveringStronger https://t.co/q8XK18Eafj
— Dr Nigel Clarke (@drnigelclarkeja) August 10, 2021
Countries Race To Launch CBDCs
While cryptocurrency adoption has significantly surged worldwide, authorities have been taking the charge to launch their Central Bank Digital Currencies. Federal Authorities also appear to inculcate distributed ledger technology into their traditional financial systems.
Experts speculate that amidst the horse race of crypto adoption and crypto market regulation between countries, the introduction of CBDC’s have significantly surged. Very recently, Ukraine declared it will be launching its digital currency, dubbed Hryvnia by the end of this year. China has also caught the attention of the world for crypto legislations and the race to debut its CBDC, the Digital Yuan.
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