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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.

DISCLOSURE

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