central bank tests are underway

Central banks around the world are organizing to introduce one in their respective territories CBDC and that of Jamaica he has no intention of being outdone, as the local press reports today. The initiative has been set up and tests will start by August.

Jamaica will have its own Central Bank Digital Currency

It is not the first time that the Bank of Jamaica announces the start of work on its own Central Bank Digital Currency, but the start of the project has been postponed by a couple of months for unspecified reasons. Below are the words of Governor Richard Byles in translated form.

At the moment we are examining all the technical aspects of the system used. We have a sandbox that houses the entire infrastructure. We are working on issuing the currency, in August we will carry out rigorous tests.

The intention is to proceed at a brisk pace, thanks also to the partnership signed with the Irishman eCurrency Mint in order to accelerate times and be able to count on a solid technological platform. Kingston does not exclude the possibility of reaching an official launch already within the year, through collaborations established with commercial banks, deposit institutions and payment platforms. The change will be 1: 1 with the Jamaican dollar (US $ 0.0067), the country’s official currency.

Among the other territories that, albeit in different ways, have already expressed their willingness to introduce a CBDC, include France, Switzerland, Spain, UK, Ghana, Sweden, China e Japan.

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