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Jamaica’s Central Bank to Start CBDC Pilot With Financial Institutions in August

Jamaica’s Central Bank to Start CBDC Pilot With Financial Institutions in August

Jamaica’s central bank is planning to test its central bank digital currency (CBDC) and expand its trial between September and December this year.

Richard Byles, Governor of the Bank of Jamaica said at the meeting last week that “The bank plans to extend its consideration from September to December and then a full launch.” According to Byles, the financial institution will swap the CBDC at a rate of J$1 (US$0.07) equal to 1 CBDC.

The bank originally planned to start the project in May, but it was delayed. The government of Jamaica sees the rapid transition to a digital society as essential for economic recovery after the COVID-19 pandemic.

https://www.coindesk.com/jamaicas-central-bank-to-start-cbdc-pilot-with-financial-institutions-in-august

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