Bank of Jamaica Governor Richard Biles spoke of the need to use the digital Jamaican dollar by credit institutions, as well as sellers of goods and services for its successful implementation.
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report local media, at the annual online conference of the Association of Jamaica Banks and the Financial Services Institute, Richard Byles said that the digital Jamaican dollar will be fully implemented in the country in early 2022. He noted that if government agencies, as well as credit institutions and financial institutions begin to accept government cryptocurrency, it will “become half of the equation.” Richard Biles believes that this condition will play a special role in the successful implementation of the digital currency of the central bank, in connection with which it is necessary to actively encourage customers to use cryptocurrency.
“Let’s say you have a digital Jamaican dollar in your wallet. But you cannot spend it if there are no those who are ready to accept it. It is important that merchants and consumers only need to install a dedicated app to transact digital currency using their phone, ”Biles said.
He said that Bank of Jamaica technicians have successfully tested a digital Jamaican dollar wallet that has already been integrated into the central bank’s system. The wallet will soon be compatible with other payment systems, Biles added. He also noted that in preparation for the full-scale implementation of the state stablecoin in the country, amendments have already been made to the Bank of Jamaica Law.
“We had to adapt the Bank of Jamaica Act for the 21st century by adding e-currency to banknotes and coins, which are considered legal tender. So now we can officially launch the government’s digital currency, ”Biles said.
Earlier it became known that the Central Bank of Jamaica began testing the digital Jamaican dollar in August with the assistance of the Irish technology firm eCurrency Mint.
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