eCurrency and Jamaica expect that the extension of their JAM-DEX project will make significant strides in the country's digital transformation and CBDC adoption.
The Bank of Jamaica says that it’s seeking to add the number of banks doing onboarding, have the local currency law amended and conduct a quality assessment.
Prime Minister Andrew Holness believes that the CBDC, expected to debut in Q1 2022, will reduce banking costs and boost financial inclusion in the Caribbean country.
The Bank of Jamaica first announced it was testing a prototype of the Jamaican dollar and kicked off the pilot in May 2021, in partnership with Irish company eCurrency Mint.
The bank becomes the latest in the Caribbean to unveil its CBDC, with the Bahamas being the most advanced in the CBDC race in the region.
The central bank of Jamaica is to begin rolling out its central bank digital currency from August, becoming one of the first countries in the world to push a CBDC formally through its central bank.
After the Bahamas, Jamaica would pilot test central bank digital currency. Roll-out expected in early 2022.