Bank of Jamaica launches first batch of central bank digital currency

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At a short ceremony this morning, Bank of Jamaica (BOJ) minted Jamaica’s first batch of central bank digital currency (CBDC).

A total of J$230 million dollars in CBDC will be issued to deposit-taking institutions and authorized payment service providers during the CBDC pilot exercise which ends in December.

Speaking at the ceremony, Finance Minister Dr. Nigel Clarke acknowledged the rapid progress being made with BOJ’s CBDC project and noted its importance in the creation of a digital economy.

He also promised that the legislative amendment to accompany CBDC will be in place before the end of this fiscal year.