The Bank of Jamaica announced the issuance of the first tranche of the central bank digital currency (CBDC) as part of the pilot tests.
During testing, which is due to conclude in December, the regulator will issue a total of JA$230 million in the form of CBDC to depository institutions and authorised payment service providers.
The CBDC project team demonstrated the issuance process at a small ceremony attended by Bank of Jamaica Governor Richard Bailey, Finance Minister Nigel Clarke, and leadership from technology provider eCurrency Mint.
Speaking at the event, Clarke underscored the project’s importance in the context of the digital economy. He also pledged that CBDC-related amendments to the legislation would be adopted by the end of the current fiscal year.
Richard Bailey said that the next major milestone would be to provide broad access to the digital currency for the public.
Jonathan Dharmapalan, CEO of eCurrency, noted that the Bank of Jamaica’s development team has done a lot of work in a short period. In his view, the country is delivering the fastest national digital currency project in the world.
Natalie Haynes, Deputy Governor of the Bank of Jamaica, said the institution has completed the proposal evaluation process under the previously announced competition for the best name, logo, slogan and visual identity for the CBDC. Winners will be announced soon, she added.
Earlier, Nigel Clarke stated that the full launch of the national digital currency would occur in 2022.
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