$230m in newly-minted digital currency now available in Jamaica, says Clarke
KINGSTON, Jamaica — For the first time in Jamaica’s history, digital currency is now available for use in the country as legal tender.
Finance and Public Service Minister Dr Nigel Clarke made the announcement on his Twitter page on Monday. He disclosed that “after a successful pilot,” some $230 million worth of Central Bank Digital Currency (CBDC) is now being released into the Jamaican marketplace.
The finance minister said that following the pilot, the CBDC will be generally available through financial and non-financial intermediaries appointed by the Bank of Jamaica (BOJ).
“This morning I was pleased to participate in the BOJ’s inaugural minting of $230 million of Central Bank Digital Currency,” Clarke disclosed.
The minister explained that CBDC is a digital form of Jamaican currency which is fully backed by the BOJ. It can be exchanged for physical Jamaican currency with the institutions participating in the BOJ’s CBDC pilot who will onboard customers. It is convertible on a one-for-one basis with Jamaican currency.
“CBDC offers a more secure, more efficient form of currency that offers the potential of significantly broadening financial inclusion. Along with national identification the CBDC will form the foundation of the digital transformation of our society,” Clarke stated.
He has lauded the BOJ for what he said is the efficiency with which it has achieved this milestone.