The Bank of Jamaica announced their full plan to launch their own central bank digital currency (CBDC) to establish their own digital currency by next month.
Richard Byles, Governor of the Bank of Jamaica, stated that they will launch their own central bank digital currency ( CBDC) from August.
Right now the Central Bank authorities are looking at the CBDC system technically from every possible aspect so that they can be sure about their success in the initial phases.
And also they said that in the initial stages, CBDC will be allowed to the National Commercial Bank (NCB) only and after all trials they will roll out their CBDC & Based digital currency to use for everyone by September to December ( expected).
Reports also say, Bank of Jamaica ( BOJ) is looking to give licenses to all the financial institutions to use their CBDC but for now it will remain in the testing phase.
After full trials and demo, BOJ will allow all the banks of Jamaica to provide CBDC related services to all their customers.
And also Richard Byles said, they are not only looking into CBDC launch but they are right now working on the system infrastructure to implement the CBDC use in perfect and more efficient way without any problem.
Revolution of banking system with CBDC
This is not only the Bank of Jamaica which is looking for their CBDC but also there are many countries’ banks which are looking to launch their CBDC.
China is at the top level in the list of CBDC pilots in their financial Infrastructure.
Right now Vietnam, Ukraine, Singapore are working on CBDC.
With the use of CBDC technology, it is easy for the people to make payments. Payments based on CBDC are instant and efficient just like real time payment which is similar to the RTGS system of a traditional banking system that can sometimes fail.