Jamaica population to broadly adopt CBDC by 2027

Monday 17 January 2022 13:51 CET | News

The Caribbean country officials have mentioned they expect a nationwide CBDC rollout by the end of the Q1 2022 after a successfully conducted pilot test in early January 2022.

Jamaicans are keen on adopting the Central Bank Digital Currency (CBDC), with predictions going as optimistic as 70% of the population within five years. The reduced banking costs and inclusivity of the digital coin are among the main reasons why CBDC is attractive. 

However, the challenge that Jamaican officials must first address is providing the population with access to digital services and Internet connection before adopting a digital coin.

Bank of Jamaica has already minted USD 1.5 million in CBDC for insurance to deposit-taking institutions and authorised payment services providers and will add two new wallet providers for the digital currency.

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Keywords: CBDC, digital currency, cryptocurrency, digital assets, central bank, digital wallet, e-wallet
Categories: DeFi & Crypto & Web3
Countries: Jamaica
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DeFi & Crypto & Web3