Jamaica's Central Bank to Pilot CBDC Beginning in May

The Bank of Jamaica will pilot the CBDC in its fintech regulatory sandbox from May to December.

Mar 24, 2021 at 2:42 p.m. UTC
Updated Sep 14, 2021 at 12:31 p.m. UTC

The Bank of Jamaica (BoJ) is planning to pilot its central bank digital currency (CBDC) in May and is working with Ireland-based technology firm eCurrency Mint to support the rollout.

  • According to an announcement shared Tuesday, the BoJ said that “after an extensive procurement process” it had selected eCurrency Mint to support its pilot program.
  • Between May and the end of December this year, the Jamaican central bank will pilot the CBDC in the bank’s fintech regulatory sandbox.
  • The CBDC is then expected to be officially rolled out nationally in early 2022, and eCurrency Mint will be the provider, said the BoJ.
  • As reported by CoinDesk, the government of Jamaica views the accelerated transition to a digital society and economy as vital to economic recovery following the COVID-19 pandemic.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
GameStop Unveils Crypto & NFT Wallet, Beeple's Twitter Account Latest to Phishing Scam Hacks and More

The most valuable crypto stories for Thursday, May 23, 2022.

The most valuable crypto stories for Thursday, May 23, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: Funds Lost Billions in the Terra Collapse. Here are the Ongoing Effects; Bitcoin Sees Red

When a fund suffers a major dent to its token, the impact reverberates widely throughout the venture funding eco-system; most major cryptos fell despite gains in U.S. equity markets.

When a fund suffers a major dent to its token, the impact reverberates widely throughout the venture funding eco-system; most major cryptos fell despite gains in U.S. equity markets.

CoinDesk - Unknown
3
CoinDesk - Unknown
At Davos, Crypto Is No Longer on the Outside

Cryptocurrencies have taken a prominent role at the World Economic Forum's annual meeting in Davos, despite the mainstream finance world's apparent contempt for the sector.

Cryptocurrencies have taken a prominent role at the World Economic Forum's annual meeting in Davos, despite the mainstream finance world's apparent contempt for the sector.

CoinDesk - Unknown
4
CoinDesk - Unknown
Wall Street Says a Fed Digital Dollar Spells Destruction for Banks

The Federal Reserve is considering whether to launch a CBDC like other nations, and bankers argue that’s a dangerous idea.

The Federal Reserve is considering whether to launch a CBDC like other nations, and bankers argue that’s a dangerous idea.

CoinDesk - Unknown