Bank of Jamaica minted its installment of CBDC

On Tuesday, the Bank of Jamaica has minted its first batch of central bank digital currencies -(CBDC), which is expected to be 230 million JMD (nearly $1.5 million).

Jamaica: On Tuesday, the Bank of Jamaica has minted its first batch of central bank digital currencies -(CBDC), which is expected to be 230 million JMD (nearly $1.5 million).

While the complete amount would be issued to the deposit-taking institutions and approved payment service providers during the feasibility study, which is likely to end in the month of December this year.

During the ceremony on Tuesday, the Finance Minister of Jamaica – Nigel Clarke, stated that the CBDC of the Bank of Jamaica project is going along quickly and is a key part of the creation of a digital economy in Jamaica.

The Finance Minister added and promised that a legislative amendment to regulate CBDC would soon be put in place before the fiscal year ends.

In addition, the CEO of eCurrency – Jonathan Dharmapalan, has appreciated the fast step of adopting CBDC by Jamaica, also noting that Jamaica is also the home to the world’s fastest man and woman by referring to the athletes.

The Bank of Jamaica is the – Central bank of Jamaica island, established in Kingston. BOJ was established by the Bank of Jamaica Act of 1960 and was inaugurated on May 1, in the year 1961.

BOJ is responsible for the monetary policy of Jamaica in the direction of the Minister of Finance.

The establishment of the Central Bank of Jamaica was in acknowledgement of the need for an appropriately regulated financial structure in order to encourage the development process, mainly as Jamaica was about to start on the road to political independence.

The Bank of Jamaica is governed by a Board of Directors directed by the Governor of the Bank of Jamaica.

The Board of Directors comprises the Governor, who is also Chairman of the Board – the Senior Deputy Governor, the Financial Secretary & six other directors. All are appointed by the Minister of Finance for a tenure of five-year.