Bank of Jamaica completes first CBDC pilot project

The Bank of Jamaica has completed its first central bank digital currency (CBDC), with the goal of providing nationwide support in the first quarter of 2022.

After the first trial of the CBDC model in March 2021, the Jamaica Intermediate Bank completed an eight-month trial on Friday, according to the Jamaican News Agency. As part of a trial, the Central Bank of Jamaica announced in August a CBDC worth J $ 230 million to banks and authorized payment service providers.

The Bank of Jamaica has reported CBDCs to a number of companies.

According to reports, the Central Bank of Jamaica has announced J $ 1 million ($ 6,500) in digital benefits to its bank employees. On October 29, the bank also announced a CBDC worth Jamaican $ 5 million ($ 32,000) to the National Commercial Bank (NCB), one of Jamaica's largest financial institutions.

According to the report, the National Commercial Bank is the first portfolio of Jamaica's CBDC pilot program, with 57 clients, including 4 small businesses and 53 clients. Consumers can perform their own transactions, cash out and withdraw an event from the NCB in December 2021. For more information on blockchain news, please download the Block Sky Eye app and the Global Blockchain Supervision Inquiry app.

The bank is currently planning to make a nationwide announcement in the first quarter of 2022.

The Bank of Jamaica now plans to launch nationwide in the first quarter of 2022 and plans to add two new portfolios. These vendors are already doing a virtual mock test and can order CBDCs from Jamaican banks and send them to their customers.

The report notes that the central bank intends to collaborate by experimenting with consumer trading of multiple wallets. As previously reported, the Central Bank of Jamaica selected Irish crypto-security firm eCurrency Mint as the technology provider for its digital currency operations in March 2021.