Jamaica piloting new Central Bank Digital Currency in 2021 – CARICOM Business

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Minister of Finance and the Public Service Dr Nigel Clarke says that the Bank of Jamaica’s new Central Bank Digital Currency (CBDC) will be rolled out by early 2022.

According to Dr. Clarke the project will be piloted this year, and the pilot is expected to end in December 2021 with the roll-out to commence early
in 2022.

However, he cautioned that operationalising the CBDC will require some amendments to the Bank of Jamaica (BOJ) Act to give the bank the sole right to issue digital currency as legal tender, which is the same position the BOJ
has with respect to Jamaican notes and coins.

Extract from CARICOM BUSINESS Vol. 4 No. 10

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