Kamina Smith pilots BOJ Amendment Act 2022 in Senate, allows issuance of digital currency

On Friday, June 10, 2022, the parliament session has been held where the Minister of Foreign Affairs outlined the situation in the Bank of Jamaica. 

Kamina Smith pilots BOJ Amendment Act 2022 in Senate, allows issuance of digital currency
Kamina Smith pilots BOJ Amendment Act 2022 in Senate, allows issuance of digital currency

Jamaica: Kamina Johnson Smith- Minister of Foreign Affairs and Foreign Trade of Jamaica shared an update on the Bank of Jamaica (Amendment) Act, 2022 in the latest parliament session of the country

On Friday, June 10, 2022, the parliament session has been held where the Minister of Foreign Affairs outlined the situation in the Bank of Jamaica. 

Kamina Smith stated that the bank is made to commence national issuance of the central bank digital currency that is CBDC and Jamadex. She further emphasized that the country s making efforts to empower the Bank of Jamaica as it is the sole authority to issue the currency. 

Through her social media, Kamina Smith noted,” I was proud to pilot the Bank of Jamaica (Amendment) Act, 2022 in the Senate, which now allows the Bank of Jamaica to commence national issuance of the central bank digital currency (CDBC) and Jamadex and empowers the Bank of Jamaica as the sole authority to issue CBDC as legal tender.” 

Shedding light upon the digital currency, Kamina Smith exclaimed that the CBDC is digital JM$ backed by the BOJ. It will be accessed thru an e-wallet issued by banks or authorized payment service providers and is not the same as cryptocurrency, which is privately issued and generally not backed by a central bank.

She further asserted that Jamadex and CDBC will work along with bank notes, allowing persons and businesses more efficient money management.

Outlining some aspects of the law, Kamina Smith pointed out that the law also addresses matters such as cybersecurity and most importantly the protection of the consumer; and safeguards against unlawful surveillance or monitoring of individual transactions. 

She said that the government of Jamaica is making every possible effort to bring down the proper financial management and sustainable economic growth in the country. So, these facilities such as CDBC will benefit the people as they increase access to financial services and encourages more innovation, growth, and job creation. 

“The Government of Jamaica is working hard on financial inclusion as a pillar of sustainable economic growth. All Jamaicans stand to benefit from policies and techs like CBDC that increase access to financial services and encourage more innovation, growth, and job creation, “underlined Kamina Smith.