The scope of the CBDC pilot was limited to wallet providers who indicated their readiness to participate within the scheduled timeframe. National Commercial Bank [NCB] based on the extent of their experience in the Sandbox came onboard with BOJ to test the range of services to be offered using the CBDC solution.
The statement also explains that the success of the pilot project had been dependent on whether a CBDC along with the attendant technology solution could be successfully implemented in Jamaica. Three activities were completed during the pilot phase. The first of these activities was the minting of USD 230 million worth of CBDC to be issued to deposit-taking institutions and authorised payment service providers. A day after minting the digital currency on 9 August 2021, the BOJ went on to issue USD 1 million worth of CBDC which was distributed to the bank’s staff.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now