Bank of Jamaica completes first CBDC pilot

The Bank of Jamaica (BoJ) has successfully completed its first central bank digital currency (CBDC), with the goal of launching it nationwide in the first quarter of 2022.

After conducting preliminary CBDC prototype testing in March 2021, the Central Bank of Jamaica completed an eight-month pilot on Friday. Jamaica Information Services Report.

As part of the pilot, Bank of Japan minted 230 million Jamaican dollars A CBDC worth ($1.5 million) will be issued to depository institutions and authorized payment service providers on August 9, 2021.

The central bank subsequently issued digital currency worth 1 million JMD (US$6,500) to the staff of the Bank of Japan’s banking department. On October 29, the bank also issued a CBDC worth 5 million JMD (US$32,000) to the National Commercial Bank (NCB), one of Jamaica’s largest financial institutions.

According to the report, NCB is the first wallet provider in the Jamaica CBDC pilot, serving 57 customers, including 4 small businesses and 53 consumers. Customers will be able to conduct person-to-person cash in and out transactions at an event sponsored by NCB in December 2021.

The Bank of Japan now plans to launch it nationwide in the first quarter of 2022 and is expected to add two new wallet providers. These suppliers are already conducting virtual simulation tests and are able to order CBDC from the Bank of Japan and then distribute it to their customers. The report pointed out that the central bank also plans to focus on interoperability by testing transactions between customers of different wallet providers.

related: Mexico confirms plans to launch CBDC in 2024

As previously reported, the Central Bank of Jamaica chose the Irish Cryptographic Security Company eCurrency Mint as a technology provider Digital currency project in March 2021.The company is based on Participate in the development of CBDC In Senegal and other countries.The Bank of Japan had previously invited technology suppliers Submit an application for its CBDC project July 2020.