Jamaica completed its development work on the Central Bank Digital Currency (CBDCs).
In the present time, almost every dominant central bank is considering going with Blockchain technology with the introduction of CBDCs to digitize the traditional financial systems.
Bank of Jamaica is one of those dominant Central banks in the world, which is working on the development of its own CBDCs. The latest reports confirmed that the Bank of Jamaica completed its work on the CBDCs. Now they are planning to launch it in the first quarter of this year.
Reportedly, the Central Bank will issue a prototype of its CBDCs in March 2022. A Jamaica Information Service report confirmed that the Central Bank completed its work last Friday.
On 9 August 2021, As a part of this initiative, the Bank minted around $1.5 million worth of Jamaican Dollars in the CBDCs. This is a type of liquidity system in the initial phase. All the institutions and services will be allowed to use it in the initial phase.
According to reports, NCB was the first to provide its wallet for the Jamaican CBDCs. However, the whole thing was part of the testing phase. NCB facilitated the service in the trial phase onboarding 57 customers including four small merchants and 53 consumers. All people, who were using the wallet, were able to cash in and out the Jamaican dollar in the form of CBDCs in the P2P form without the involvement of a third party.
Right now, BOJ expects that they will be able to release two new wallets also for the same so that they can easily and perfectly introduce the Jamaican CBDCs rollout in the whole nation to make it available for every citizen.
This journey of the Bank of Jamaica was started with the partnership of the eCurrency Mint as the technology provider. eCurrency Mint is a blockchain security firm and BOJ partnered in March 2021.