Bank of Jamaica creates the first batch of its CBDC

Friday 27 August 2021 13:54 CET | News

Bank of Jamaica (BOJ) has announced the inaugural minting of Jamaica’s first batch of central bank digital currency (CBDC).

A total of approximately USD 1.5 million in CBDC will be issued to deposit-taking institutions and authorised payment service providers during the CBDC pilot exercise which ends in December 2021.

BOJ’s CBDC team demonstrated the process of minting digital currency during the ceremony, under the watchful eyes of Minister of Finance and the Public Service and others. The minister promised that the legislative amendment to accompany CBDC will be in place before the end of 2021 fiscal year.

Deputy Governor Natalie Haynes advised that the judging process for the recent public contest to propose a name, tagline, logo, and image design for Jamaica’s CBDC is complete and that the winners will be notified and announced soon.

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Keywords: CBDC, central bank, digital currency, digital assets
Categories: Banking & Fintech
Countries: Jamaica
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Banking & Fintech

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