Jamaica Plans To Test A Crypto Central Bank, CBDC Plans To Work With Banknotes And Coins

While some countries are working on central bank digital currencies (CBDCs), the Bank of Jamaica (BoJ) said Tuesday it will soon be piloting a CBDC project. BoJ has partnered with a company called Ecurrency Mint Incorporated and plans to test the cryptocurrency in May. The island nation in the Caribbean Sea, Jamaica, whose Jamaica CBDC will be piloting in May, is planning to test a CBDC in May as it operates "through a broad bidding process". The country's central bank, BoJ, has chosen a technology provider to assist with its CBDC solution. The startup found by the bank named Ecurrency Mint Incorporated comes from BoJ's Fintech Regulatory Sandbox. "Ecurrency Mint will also be the provider when the nationwide launch of CBDC begins in early 2022," the central bank announcement said. The CBDC pilot will be extensively tested in May and by the end of December 2021. CBDC will work alongside paper notes and Jamaican coins, according to the central bank statement. BoJ Explains: Ecurrency Mint is a global leader and pioneer in hardware, software and crypto security protocol technology that enables central banks to securely issue, distribute and control CBDC, a digital fiat currency that can be used with banknotes and coins. as a digital legal tender. Working with Ecurrency Startup BoJ Enhanced New Distributed Ledger Technology BoJ's announcement adds the island nation of Jamaica to the list of countries that build CBDCs. While Venezuela's socialist nation was one of the first CBDCs to live under the regime of Nicolás Maduro, many more countries are on the verge of releasing nation-state-backed cryptocurrencies. This includes countries such as China, Sweden, the EU, the Marshall Islands, and the Bahamas. In addition, some other countries have considered establishing CBDCs or at least have initiated debates on development. Countries with Read more

Join the Discussion

  • BrokerEUR/USD
    SpreadEX 0.6pips (variable) margin: 3.33%
    OANDA 1.3pips (variable) margin: 3.33%
  • Back to top