Bank of Jamaica’s releasing their first CBDC

Jamaica is home to the world's fastest CBDC project, as well as the world's fastest man and woman. CBDC will offer a new, more convenient method of making secure and efficient payments. CBDC is expected to bring expanded financial inclusion, as well as improved cash management processes and costs, to Jamaican citizens, enterprises, and the government. Natalie Ha, Deputy Governor. The Hon. Minister of Finance and the Public Service At the ceremony, Nigel Clarke, BOJ Governor Richard Byles, members of the BOJ's senior management team, eCurrency Mint Inc., and the management team of technology supplier eMint Inc. spoke.

During the CBDC trial, a total of J$230 million in CBDC will be distributed to deposit-taking institutions and authorized payment service providers. Minister Clarke praised BOJ's CBDC initiative for making significant progress and emphasized its relevance in the development of a digital economy.

CBDC will offer a new, more convenient method of making secure and efficient payments. CBDC is expected to bring expanded financial inclusion, as well as improved cash management processes and costs, to Jamaican citizens, enterprises, and the government. The judging procedure for the recent public contest to submit a name, tagline, logo, and image, according to Deputy Governor Natalie Haynes, is still underway.

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