Back in March 2021, the Central Bank of Jamaica promised to begin testing its digital currency (CBDC) in May. The tests should be completed by the end of this year, the regulator emphasized.
This week, the Bank of Japan announced that testing of the digital currency will begin in August.
The head of the Central Bank, Richard Biles, announced the trials of the token in early July, according to the Jamaica Observer. The regulator is currently preparing the infrastructure for CBDC testing.
The Irish company Mint was selected in the spring as the developer of the platform for operations with digital assets.
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Biles emphasized: "We will host several banks in September-December, and then gradually expand testing before the full launch of CBDC."
The head of the Central Bank also added that commercial banks will act as intermediaries between the regulator and retail and corporate consumers. One token will be backed by the Jamaican dollar.
CBDC advocates in the Jamaican government believe that the emergence of the new instrument will accelerate the modernization of the entire payment infrastructure of the island nation.