According to an official announcement from the Jamaica Information Service, the Bank of Jamaica (BOJ) has completed the pilot of its Central Bank Digital Currency (CBDC).
Initially announcing a test phase in March 2021 and officially commencing the 8-month pilot in May, the BOJ has now concluded the test. According to the announcement, the BOJ had its inaugural minting ceremony on the 9th of August, 2021, where it minted $230 million worth of its CBDC. The minted assets were set for issuance to authorized payment service providers and deposit-taking institutions.
By the next day, the BOJ issued $1 million worth of the CBDC to its Banking Department for distribution. By October 29 2021, it issued $5 million worth of the assets to the National Commercial Bank (NCB), its first issuance to a deposit-taking institution.
According to the announcement, the BOJ is planning a national roll-out for some time in the first quarter of 2022. When the rollout begins, the NCB will onboard new and existing customers for CBDC support. Two wallet providers, currently in simulation testing, will also be able to receive CBDC from the BOJ and then issue it to customers.
Image Credits: Pixabay
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