The Jamaican central bank, Bank of Jamaica (BOJ), announced that it has successfully completed the trial of its central bank digital currency (CBDC).
After an undisclosed initial delay, the Bank of Jamaica announced the successful completion of its central bank digital currency (CBDC) trial. The pilot took place for a period of eight months starting in May and ended on New Year’s Eve, December 31. Jamaica is preparing to officially launch the CBDC in the first quarter of 2022.
The testing phase included minting J$230 million (circa $1.5 million) worth of digital currency, issuing CBDCs to wallet providers such as the BOJ’s banking department (J$1 million worth of CBDC to be distributed to staff). The BOJ had support from Irish technology firm eCurrency Mint on its project and Jamaican National Commercial Bank (NCB) also participated to test the range of services which will be integrating the CBDC network.
57 NCB customer made person to person, cash-in and cash-out transactions involving 37 accounts, which included transactions with small merchants such as local craft jewelers, footwear designers and fashion and garment boutiques, the BOJ’s announcement informed.
Towards the final rollout, two additional wallet providers will be brought on and testing is being expanded to an increasing number of users, involving cross wallet transactions.
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