According to Andrew Holness, Jamaica, an island nation in the Caribbean Sea, is planning to launch its CBDC next year. On February 10, the Jamaican bureaucrat posted about the CBDC. He stated that the Bank of Jamaica would launch its own digital Jamaican currency in 2022 following a successful pilot in 2021.
This statement comes after the Jamaican central banks”successful pilot’ it tried last year. The Bank of Jamaica informed the public that three schemes had been tested during the pilot phase.
Holness’ statements reaffirmed that the CBDC was a success and that the digital currency would be the foundational infrastructure. Holness insists that this will be the foundation of Jamaica’s digital payment architecture. It will allow for greater financial inclusion, improve transaction velocity, and reduce the cost of banking for Jamaicans. Holness, a Jamaican bureaucrat, added:
This is an important step towards building a nation of Peace, Opportunity, And Prosperity.
Sagicor Bank Jamaica Executive: Jamaica’s CBDC Wallet will work with Prepaid and Credit Cards
The upcoming Jamaica CBDC follows a few nation-states such as Nigeria, China, and Venezuela which have used CBDCs. The European Commission revealed that it will unveil a digital bill in 2023. In the meantime, the Federal Reserve has published research, as well as code for its CBDC project.
Bank of Jamaica collaborated with National Commercial Bank (NCB), to pilot the CBDC and provide a limited number of wallet service providers. On August 9, Jamaica’s central bank issued $230 million worth CBDC. Holness anticipates more that 70% of Jamaica’s population will adopt the CBDC within five years.
Sabrina Cooper (Sagicor Bank Jamaica vice-president retail banking) stated to Jamaica Observer, that the CBDC wallet is not just for leveraging CBDC.
Cooper insists that a digital wallet does not only contain the CBDC. You can also have debit and credit cards. The wallet will look exactly like the physical wallet you carry in your wallet or your handbag, if you take a look at global trends. You’ll find your CBDC, some digital currency cash equivalent, credit card or even prepaid card in the wallet.