Jamaican Prime Minister Andrew Holness noted that the national digital currency will help develop the economy and provide the population with easier access to financial services.
Last year, the Central Bank of Jamaica tested the digital Jamaican dollar. According to the Prime Minister of the country Andrew Holness (Andrew Holness), as part of a pilot project, the state cryptocurrency proved to be successful and in 2022 the digital Jamaican dollar will be fully launched. During testing, the regulator issued stablecoins worth over $230 million.
“The CBDC will serve as the foundation for Jamaica’s digital payments architecture, enhance access to financial services and increase the speed of transactions. At the same time, the cost of banking services for citizens of Jamaica will be reduced through the use of the state digital currency. This is a big step towards building a nation of peace, prosperity and opportunity.” wrote Holness.
Recall that the Central Bank of Jamaica will not be able to track transactions with the state stablecoin due to measures to protect consumer information. The Bank of Jamaica will only collect general data for economic analysis purposes.
Source: Bits
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