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The Bank of Jamaica in downtown Kingston, Jamaica (Photo: Jamaica Observer)

Bank of Jamaica mints $230 million in digital currency

The Bank of Jamaica in downtown Kingston, Jamaica (Photo: Jamaica Observer)

The Bank of Jamaica (BOJ) on Monday (August 9) minted Jamaica’s first batch of central bank digital currency (CBDC).

A total of J$230 million in CBDC was minted and will be issued first to the National Commercial Bank and then to Sagicor Bank during a pilot exercise that will take place between September and December.

Governor of the Bank of Jamaica Richard Byles spoke to Dashan Hendricks, business content manager at the Jamaica Observer, about the development.

Interview with Governor Byles – Create and share your videos with Clipchamp

Finance Minister Dr Nigel Clarke also commented on the development.

“As I announced in my budget presentation, it has been the policy of the GOJ to introduce a central bank digital currency. I am therefore pleased that the first central bank digital currency has been minted today, for use in the BOJ’s pilot. CBDC offers a more secure, more efficient form of currency that offers the potential of significantly broadening financial inclusion, “ he stated.

“Most importantly, CBDC will allow hundreds of thousands of unbanked Jamaicans access to financial services. 
And it is expected that CBDC will eventually lead to continued innovation in the delivery of financial services.
In summary, the convenience and efficiency of CBDC also offers the prospect of improving productivity. 

“Along with National ID, the CBDC will form the foundation of the digital transformation of our society.
Congrats to the BOJ on the efficiency with which they have achieved this milestone.
The GOJ intends to amend the Bank of Jamaica Act to give the BOJ the sole authority to issue CBDC. “