Jamaica’s Central Bank Mint First CBDCs

by in Blockchain News

Jamaica CBDC

Jamaica’s CB minted the first amount of the country’s national currency in digital form.

Related: Venezuela's CB promises to launch digital bolivar in October

On August 9, the official site of the establishment published the news.

The division working on the digital currency project carried out a small financial ceremony demonstrating the way of minting. Among the participants were the country's FM Nigel Clarke, CB head Richard Byles with some of the officers, and managers from Dublin-headquartered tech company eCurrency Mint. Per the post, the bank aims to issue a total of 230 M Jamaican dollars as part of a pilot.

FM Clarke mentioned the advancement in the country's CBDC building and its role for building a digitized economy.

He also stated that authorities will present a legislative proposal to deliver a legal workframe for the Jamaican CBDC by the year's end.

As stated by Richard Byles, Jamaica's next move would be to make certain in broad availability by representing the currency to users. BOJ says the launch of the digital JUSD will bring certain benefits for Jamaican citizens, enterprises and government, boosting inclusion in finance along with efficient and secure payments. CBDCs will allow banks and other fin. institutions to upgrade cash management and costs.

Currently various countries all over the world are working towards launching their national digital currencies. The Bahamas became the first country issuing its CBDC Sand Dollar in October 2020.