BOJ Mints First Batch of Jamaica’s Central Bank Digital Currency

• The Bank of Jamaica (BOJ) has minted Jamaica’s first batch of central bank digital currency (CBDC). A total of $230.0Mn in CBDC will be issued to deposit-taking institutions and authorized payment service providers during the CBDC pilot exercise, which ends in December. 
• CBDC is a digital form of central bank-issued currency and therefore is legal tender and should not to be confused with cryptocurrency. Households and businesses will be able to use CBDC to make payments and store value, as now obtains with cash. 
• Minister Clarke highlighted the importance of the CBDC project in the creation of a digital economy. He also noted that the legislative amendment to accompany CBDC will be in place before the end of this fiscal year. 
• BOJ Governor Richard Byles has stated that the next step after this significant milestone is to ensure widespread access and acceptance by taking CBDC to the people. eCurrency CEO (the technology provider), Jonathan Dharmapalan, has acknowledged the amount of work done on the project in a relatively short time, noting that Jamaica has the fastest-moving CBDC project in the world.

Source: (JIS News)