Home News Bank of Jamaica completes first CBDC pilot

Bank of Jamaica completes first CBDC pilot


The Bank of Jamaica (BoJ) has completed the first phase of its central bank digital currency (CBDC) project, with a national rollout planned for the first quarter of 2022.

Jamaica’s central bank completed its eight-month pilot last Friday, according to the Jamaica Information Service, after beginning initial CBDC prototype testing in March 2021.

On Aug. 9, 2021, the Bank of Jamaica (BoJ) coined 230 million Jamaican dollars (JMD) ($1.5 million) of CBDC. For distribution to deposit-taking institutions and authorised payment service providers as part of the pilot.

The central bank then gave the banking department’s employees 1 million JMD ($6,500) in digital currency. On the same day, the bank gave the National Commercial Bank (NCB), one of Jamaica’s largest financial institutions, 5 million JMD ($32,000) in CBDC.

The NCB was the first wallet provider in the CBDC trial in Jamaica, according to the study. Onboarding 57 customers, including four small shops and 53 consumers. Customers were able to conduct person-to-person, cash-in and cash-out transactions at an NCB-sponsored event in December 2021.

Bank of Japan now plans to undertake a statewide deployment in Q1 2022

The Bank of Japan now plans to undertake a statewide deployment in Q1 2022. Which will include two new wallet providers. These businesses have already completed virtual simulation testing. And will be able to purchase CBDC from BoJ and supply it to their customers. According to the report, the central bank also plans to test transactions between clients of different wallet providers.

As previously reported, the central bank of Jamaica selected the Irish cryptographic security firm eCurrency Mint as the technology supplier for their digital currency program in March 2021. The company is well-known for its CBDC development efforts in countries such as Senegal. The BoJ had earlier invited technology providers to submit proposals for its CBDC project, which will commence in July 2020.

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