Jamaica is trying to keep up with other countries in the field of digital currency. The government decided to make the transition to a digital economy after the COVID-19 pandemic worsened the country’s economy.
Bank of Jamaica has issued a first set of its own CBDC on August 10th at a ceremony exhibiting the process of minting the digital currency.
Finance Minister, Nigel Clarke, thanked the Bank of Jamaica for implementing the digital economy project. He also noted that the CBDC legislative amendment will be adopted by the end of 2021.
The Governor of the Bank of Jamaica, Richard Biles, said that now it is necessary to bring the digital currency to the public and make it more accessible to people to bring about its popularization.
The Bank of Jamaica also held a public competition where it was necessary to come up with a name, slogan, and logo for the CBDC. The competition has been completed and we will know the winners soon.