• The Jamaican Dollar CBDC is set to go public in the first quarter of 2022

  • According to a recent interview with Natalie Haynes, the Central Bank of Jamaica’s deputy governor for banking operations and financial markets infrastructure, the country’s national digital currency is set to go public in Q1 2022.

    In August of last year, Jamaica’s central bank coined J$230 million (Jamaican dollars) for the central bank digital currency (CBDC) pilot program. At the time of the announcement, the sum was valued around $1.49 million USD. The pilot program will terminate in December 2021, and the Bank of Jamaica intends to exchange fiat Jamaican dollars for the CBDC equivalent at a 5% annual rate.

    The initial CBDC deposit was J$5 million, which was delivered to the National Commercial Bank (NCB). Another J$1 million was sent to workers of the central bank.

    NCB was the first banking institution to put the CBDC to the test, with 57 customers and small merchants successfully completing person-to-person transactions with digital wallets. According to the BOJ, the transactions were made between various types of brands and retailers.

    “It’s a different way to pay and enables for easy peer-to-peer transactions,” TFOB (2021)’s chief product officer said. (TFOB is a subsidiary of NCB.)

    The central bank also launched a branding competition for its digital money. The winners of the best name, tagline, and logo were recently announced by the bank, with contestants winning J$350,000 for the naming contest and J$250,000 for the best tagline.

    The winner of the best logo design won J$350,000 as well. The winners will get an additional J$25,000 in CBDC to their NCB digital wallets. When the copyrighting and registration processes are finished, the winning name, slogan, and logo will be released to the public.

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