Jamaica's Central Bank to Pilot CBDC Beginning in May
The Bank of Jamaica will pilot the CBDC in its fintech regulatory sandbox from May to December.
Mar 24, 2021 at 2:42 p.m. UTCUpdated Aug 19, 2021 at 8:18 a.m. UTC
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The Bank of Jamaica (BoJ) is planning to pilot its central bank digital currency (CBDC) in May and is working with Ireland-based technology firm eCurrency Mint to support the rollout.
- According to an announcement shared Tuesday, the BoJ said that “after an extensive procurement process” it had selected eCurrency Mint to support its pilot program.
- Between May and the end of December this year, the Jamaican central bank will pilot the CBDC in the bank’s fintech regulatory sandbox.
- The CBDC is then expected to be officially rolled out nationally in early 2022, and eCurrency Mint will be the provider, said the BoJ.
- As reported by CoinDesk, the government of Jamaica views the accelerated transition to a digital society and economy as vital to economic recovery following the COVID-19 pandemic.
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