Bank of Jamaica Issues First Batch of CBDC
11 August 2021 14:50, UTC
On August 9, Bank of Jamaica (BoJ) minted the first batch of central bank digital currency (CBDC). According to the central bank's announcement, CBDC is issued to depository institutions and authorized payment service providers.
The pilot project began with the minting of CBDCs totaling 230 mln Jamaican dollars (US $1.5 mln) and will run until December. The digital currency will be stored and exchanged by customers in a digital wallet account that can be accessed via a mobile phone.
Financial inclusion is the main goal of introducing a digital currency, followed by the provision of efficient and easy-to-access digital payments. Bank of Jamaica is working on a project with Irish technology firm eCurrency Mint.
Image: Central Banking