The Jamaican government has announced the successful creation of a national digital currency. The authorities expect that in five years more than two-thirds of citizens will use CBDCs.
Prime Minister Andrew Holness declared the January testing of the Bank of Jamaica (BoJ) digital currency a success. A senior official is confident that citizens will quickly get used to this crypto asset, coverage of 70% of the population will be achieved in 2026.
The future currency is suitable for a wide range of purposes and can reduce banking costs, the prime minister says. One of the main tasks that, according to the official, the government is now solving is to provide people with permanent access to the new digital currency.
Now BoJ plans to focus on the compatibility of its digital innovation with existing crypto wallets on the market. BoJ has partnered with Irish crypto company eCurrency Mint.
The launch of the CBDC is scheduled for the end of the first quarter of 2022. The Bank of Jamaica has decided to be one of the first in the world to issue its own digital currency. At the start of the project, about 230 million Jamaican dollars (1.5 million US dollars) were issued. The bank then issued a $6,500 CBDC to its employees and another $32,000 to the National Commercial Bank.
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