Bank of Jamaica Mints its First Batch of CBDC
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BOJ Mints Its First 1.5M USD Worth of CBDC
After a much-anticipated wait, the Bank of Jamaica finally made its first step towards launching a full-fledged Jamaican Digital Currency.
Reportedly, a total of $230 Million JMD or $1.5 million USD of CBDC will be issued to deposit-taking institutions and authorized payment service providers as part of the CBDC pilot program that ends in December.
The CBDC minting was carried out with participation from Jamaica’s Finance Minister, Nigel Clarke, BOJ Governor Richard Byles, a group of senior BOJ executives, as well as a management committee from Irish technology firm eCurrency Mint.
Speaking at the ceremony, Jamaica Minister of Finance Dr. Nigel Clarke acknowledged the rapid progress being made with BOJ’s CBDC project and noted its importance in the creation of a digital economy. He also promised that a legislative amendment to accompany the CBDC would be in place by the end of the fiscal year.
Clark also highlighted the country’s immense growth over the years in several tweets after the ceremony, saying:
“CBDC offers a more secure, more efficient form of currency that offers the potential of significantly broadening financial inclusion. Along with national identification the CBDC will form the foundation of the digital transformation of our society.”
Widespread Adoption is the Next Step
At the same time, BOJ Governor Richard Byles thanked the finance minister for his support as he recognized the work of the BOJ’s CBDC project team while noting that the next step after this significant milestone is to ensure widespread access and acceptance by taking CBDC to the people.
BOJ has been working on developing a CBDC since early 2020 and had originally planned to begin its pilot program in May but was delayed for unspecified reasons.