Bank of Jamaica (BOJ) reported that its central bank digital currency (CBDC) will be issued to National Commercial Bank Jamaica (NCB), the sole approved wallet provider from next month planned by the country’s largest commercial bank.
<h2><strong>Bank of Jamaica </strong><strong>CBDC </strong><strong>to Roll Out from Next Month</strong></h2>
<a href="https://jamaica-gleaner.com/article/business/20210827/boj-says-ncb-receive-digital-currency-next-month-fx-position-strong" target="_blank" rel="nofollow noopener">Speaking</a> at the central bank’s quarterly monetary policy press conference, BOJ deputy governor for banking and currency operations and financial markets, Natalie Haynes, said that the digital currency rollout will initially start from the staff and family members of NCB. The country’s largest commercial bank would then move to other NCB account holders prior to moving to non-NCB account holders, according to the deputy governor.
<blockquote><em>“NCB’s plan in terms of roll-out to customers is targeting first what they call friends and family staff and their families then they would move to other NCB account holders prior to moving to non-NCB account holders”</em></blockquote>
National Commercial Bank (NCB), has been engaged as the initial wallet provider, under the pilot, which ends in December. Pointing that there has been no delay in the implementation of the trial, the deputy governor revealed that the CBDC trial is working smoothly according to the schedule.

Haynes further clarified that digital currency will have no impact either on the money supply or inflation.
<blockquote><em>“Because CBDC will be a direct substitute for physical cash, we don’t see any great impact initially on inflation. It will just be that pile of cash in circulation being distributed between physical cash and CBDC.” </em></blockquote>
<h2><strong>Bringing Added Benefits for Jamaican Citizens</strong></h2>
Meanwhile, Governor <a href="https://www.cryptoknowmics.com/news/bank-of-jamaica-mints-its-first-batch-of-cbdc/">Richard Byles</a> said that there has been positive feedback, so far, to the CBDC’s introduction. He did acknowledge that a year ago there had been some cynicism associated, although that has changed now.

Furthermore, the central bank said it would reveal more on the CBDC project after NCB’s pilot implementation of the payment system takes into effect.

The anticipated benefits of CBDC will bring added benefits for Jamaican citizens, businesses, and the government, bringing increased financial inclusion, as it will provide another easier-to-access means of efficient and secured payments.

Jamaica’s Central Bank to Roll Out Digital Currency Next Month

Bank of Jamaica (BOJ) reported that its central bank digital currency (CBDC) will be issued to National Commercial Bank Jamaica (NCB) from next month.

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Jamaica’s Central Bank to Roll Out Digital Currency Next Month

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