The Bank of Jamaica completed its eight-month CBDC pilot on December 31, 2021.
The Reserve Bank of Jamaica (BOJ) announced that the CBDC pilot has been successfully completed.
The country initially postponed the pilot for unclear reasons. The implementation, which was postponed until May 2021, was completed on 31 December 2021.
Jamaica plans to launch the CBDC in the first quarter of 2022.
BOJ worked with Ireland-based technology firm eCurrency Mint on the sandbox project. The piloting was limited to a certain number of wallet providers.
According to the announcement, the National Commercial Bank (NBC) has also joined the practice to test the range of services that can use the CBDC solution.
Services tested included issuing digital currencies worth J$230 million (around $1.5 million) and issuing CBDCs to wallet providers such as the BOJ’s banking department.
According to BOJ’s statement, jewelers, shoe designers, boutiques, etc. Small traders such as