Bitcoin News and Finance
‘Bank of Jamaica Will Roll Out Digital Jamaican Dollar in 2022,’ Says Prime Minister Skip to main content

‘Bank of Jamaica Will Roll Out Digital Jamaican Dollar in 2022,’ Says Prime Minister

According to an announcement from Jamaica’s Prime Minister Andrew Holness the Bank of Jamaica plans to “roll out” its central bank digital currency (CBDC) after the country’s successful pilot last year.

Jamaica’s CBDC Is Due to Launch This Year

Jamaica, the island country situated in the Caribbean Sea is planning to launch its CBDC this year, according to Prime Minister Andrew Holness. The Jamaican bureaucrat tweeted about the CBDC on February 10, when he said: “the Bank of Jamaica will roll out our own digital Jamaican dollar in 2022 after a successful pilot during 2021.”

The statement follows the Jamaican central bank’s “successful” pilot it experimented with last year. At the end of 2021, the Bank of Jamaica told the public three schemes were tested during the pilot phase.

The statements stemming from Holness reiterated that the CBDC was successful and the digital currency will be the foundational infrastructure. “This will serve as a foundation for Jamaica’s digital payments architecture and will facilitate greater financial inclusion, increase transaction velocity while reducing the cost of banking for the Jamaican people,” Holness insisted. The Jamaican bureaucrat added:

This is a big step in building a nation of Peace, Opportunity, and Prosperity.

Jamaica’s CBDC Wallet Will Work With Credit Cards and Prepaid Cards, Says Sagicor Bank Jamaica Executive

Jamaica’s upcoming CBDC follows a small handful of nation-states like China, Nigeria, and Venezuela that have deployed CBDCs. Meanwhile, the European Commission has disclosed it would be unveiling a digital euro bill in 2023, and the Federal Reserve has released research and code on its CBDC project.

Bank of Jamaica worked with National Commercial Bank (NCB) on its CBDC pilot and a limited number of wallet providers. Jamaica’s central bank issued approximately $230 million worth of the CBDC on August 9. Holness expects more than 70% of the Jamaican population to adopt the CBDC in five years.

The vice-president of retail banking at Sagicor Bank Jamaica, Sabrina Cooper, told Jamaica Observer that the CBDC wallet will not be just for leveraging the CBDC.

“Your digital wallet is not just the CBDC, you can have debit and credit cards,” Cooper insisted. “If you look at what’s happening globally, the wallet is gonna look just like your physical wallet in your pocket or in your handbag. It’s going to have your CBDC or some kind of digital currency cash equivalent, credit cards or even prepaid cards.”

What do you think about Jamaica launching a CBDC this year? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory