The Bank of Jamaica announces a strategy to put CBDC to the test

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By next month August, the Bank of Jamaica wants to begin testing the country’s Central Bank Digital Currency (CBDC).

According to local sources, Governor Richard Byles of the Bank of Jamaica (BOJ) revealed this at a rotary club function earlier this month.

In his remarks at the occasion, the Governor of the Bank of Jamaica stated that they were working on the technical components of the CBDC in a sandbox setting.

“As we work through the technical minting of the currency, we have to test it rigorously as a pilot that we’ll do in August,”

Byles said.

According to a previous report, the BOJ authorized Irish IT startup eCurrency mint to assist the government in developing its national digital currency project in March.

From a long number of solution providers that applied for work on the CBDC since 2020, the BOJ chose the cryptograph security business located in Ireland.

The Bank of Jamaica provides further information about CBDC

While discussing the CBDC test, the BOJ governor stated that financial institutions would act as intermediaries between the central bank and retail and corporate customers.

Banks would be able to issue the CBDC to individuals and account holders thanks to the digital currency created to supplement fiat currencies.

The Governor of the BOJ also indicated that the nation intends to use the CBDC as a platform to deliver financial services to the unbanked. He asked telecom companies and significant networks to help the bank capture unbanked individuals in the country.

As numerous nations worldwide continue to invest in the research and development of their digital currency, CBDC technology has become a worldwide phenomenon.

The Bahamas, like Jamaica, a sister Caribbean country, was one of the first to issue a CBDC in October 2020.

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