70% of Jamaica population to adopt CBDC in 5 years, Prime Minister says

• The Bank of Jamaica (BOJ) completed the first pilot test of Central bank digital currency (CBDC) in early January. Following the tests, Prime Minister, Andrew Holness, spoke confidently about CBDC adoption in the country. He predicted that the majority of the Jamaican population would be quick to adopt the digital currency, with over 70% using the CBDC within five years. 
• BOJ has become a pioneer in CBDC with one of the first completed nationwide pilot projects in the world. After partnering with the Irish cryptography firm, eCurrency Mint, in March 2021, the central bank conducted an eight-month-long pilot. 
• Holness highlighted the benefits of CBDC, which include reduced banking costs and inclusivity, adding that the digital currency would ensure greater government accountability thanks to easier public resources tracking. 
• While admitting the initial challenges of a nationwide CBDC launch, which is aimed for the first quarter of 2022, Holness added that the government has to “figure out how to give people access to digital devices and the internet in general.” 
• BOJ aims to add two new wallet providers, alongside the National Commercial Bank Jamaica Limited for its CBDC, followed by a nationwide rollout in the first quarter of this year. The central bank also plans to focus on interoperability by testing transactions between customers of different wallet providers.

(Sources: Cointelegraph.com & NCBCM Research)