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Bank of Jamaica mints first batch of Jamaica's central bank digital currency

Tuesday 10 August 2021 08:56 CET | News

Bank of Jamaica (BOJ) has minted Jamaica’s first batch of central bank digital currency (CBDC).

A total of JMD 230 million dollars 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 a ceremony, and the process took place under the eyes of Minister of Finance, Nigel Clarke, BOJ Governor Richard Byles, members of BOJ’s senior management team, as well as the management team of technology provider, eCurrency.

Speaking at the ceremony, Minister promised that the legislative amendment to accompany CBDC will be in place before the end of this fiscal year. Furthermore, 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.

To learn more about BOJ’s CBDC, read our interview with Deputy Governor Natalie Haynes here.


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Keywords: central bank, CBDC, payment processing, digitalisation
Categories: DeFi & Crypto & Web3
Companies:
Countries: Jamaica
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DeFi & Crypto & Web3