After starting initial CBDC prototype testing in March last year, the Bank of Jamaica now targets a national CBDC rollout in the first quarter of 2022.
worth of the CBDC for issuance to deposit-taking institutions and authorized payment service providers on Aug. 9, 2021.
The central bank then issued 1 million JMD worth of digital currency to the staff at BoJ’s banking department. On Oct. 29, the bank also issued 5 million JMD worth of CBDC to the National Commercial Bank , one of the largest financial institutions in Jamaica. According to the report, the NCB was the first wallet provider in Jamaica’s CBDC pilot, onboarding 57 customers including four small merchants 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.
The BoJ now plans to proceed with a nationwide rollout in Q1 2022, expecting to add two new wallet providers. These providers have already been conducting virtual simulation testing and would be able to order CBDC from BoJ and then distribute it to their customers. The central bank also plans to focus on interoperability by testing transactions between customers of different wallet providers, the report notes.
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