The Central Bank of Jamaica (BOJ) will pilot the promotion of its central bank digital currency (CBDC) in various financial institutions from August.
Richard Byles, Governor of the Central Bank of Jamaica, said that all technical aspects of the system are currently being studied and the bank has created a sandbox to store the entire infrastructure.
According to local news, the promotion of the Jamaican digital currency has started in May with a pilot project from the National Commercial Bank (NCB).
In addition, the Central Bank of Jamaica plans to attract more banks to test the technology and gradually expand the pilot project to fully launch the central bank’s digital currency.
The governor said last week that CBDC, unlike most private cryptocurrencies, will only be sold to licensed commercial banks, depository institutions (DTIs) and payment service providers authorized by the Central Bank of Jamaica.