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HomeBusinessBank of Jamaica Set to Roll Out Digital Currency by Early 2022

Bank of Jamaica Set to Roll Out Digital Currency by Early 2022

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(Jamaica Observer) Minister of Finance and the Public Service Dr. Nigel Clarke says that the Bank of Jamaica’s new Central Bank Digital Currency (CBDC) will be rolled out by early 2022.

Speaking at the start of the 2021/22 budget debate at Gordon House on Tuesday last, Dr. Clarke said that the project will be piloted this year, and the pilot is expected to end in December 2021 and the roll-out to commence early in 2022.

However, he cautioned that operationalising the CBDC will require some amendments to the Bank of Jamaica (BOJ) Act to give the bank the sole right to issue digital currency as legal tender, which is the same position the BOJ has with respect to Jamaican notes and coins.

“We are serious about economic recovery. The prime minister set up the COVID-19 Economic Task Force with thoughtful intent, and we are moving assiduously to implement the recommendations,” the minister informed the House of Representatives.

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