The Bank of Jamaica (BOJ) has minted the country’s first batch of central bank digital currency (CBDC).
The BOJ formally announced that its dedicated CBDC division demonstrated the process of minting digital currency at a financial ceremony.
According to the announcement, the BOJ is planning to issue a total of 230 million JMD ($1.47 million) in the form of a CBDC to deposit-taking institutions and authorized payment service providers as part of a digital currency pilot ending this December.
The process of minting digital currency took place under the watchful eyes of the Minister of Finance and public services, Dr. The Hon. Nigel Clarke, BOJ Governor Richard Byles. Senior BOJ executives and the management team of technology provider eCurrency Mint Inc. also attended the process.
At the ceremony, Jamaica’s Minister of Finance, Nigel Clarke, said, “The rapid progress being made with BOJ’s CBDC project and noted its importance in the creation of a digital economy”. He also promises that legislative amendments to regulate CBDC will be in place before the fiscal year ends.
eCurrency CEO, Jonathan Dharmapalan, had high praise for the project. He also noted that in terms of how much work had been done in a relatively short time. Jamaica has the fastest-moving CBDC project in the world, in addition to being the world’s fastest man and fastest woman.
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“The judging process for the recent public contest to process a name, logo, design, tagline, and image design for Jamaica’s CBDC is complete, and that the winners will be notified and announced soon,” said Deputy Governor Natalie Haynes.
