The Bank of Jamaica (BOJ) has minted the country’s first batch of its central bank digital currency (CBDC) on Aug 10.
According to the official announcement, a total of J$230 million dollars (JMD) in digital currency will be issued to deposit-taking institutions and authorized payment service providers as part of a pilot that ends in December. At current exchange rates, the amount equates to $1.49 million.
At the ceremony on August 10, Jamaica’s Minister of Finance, Nigel Clarke, said the BOJ’s CBDC project is moving along quickly and is a key part of the creation of a digital economy in the island nation. In March, Clarke said that the CBDC is not a cryptocurrency and Jamaican businesses will be able to make payments with it and store value at no cost.