The discussion about the central bank’s digital money has been raging for years. This is because countries worldwide are adopting the digital version of their federal money. As one of the countries in this group, Jamaica concluded its pilot test at the start of this year. In response, Jamaican Prime Minister Andrew Holness believes that the CBDC will be widely adopted in the coming years.

The Jamaican Prime Minister shares the benefits of the CBDC

When the CBDC is implemented, the Jamaican Prime Minister expects a tremendous adoption rate of up to 70% in the next five years. Holness is upbeat about people’s attitudes regarding digital money. He also stated that the incoming CBDC would provide a more transparent manner of doing transactions in the country. Citizens could readily trace the government’s financial operations on the blockchain, according to Holness. He also mentioned the savings in terms of banking fees and other fees removed. Although the Jamaican Prime Minister wants the CBDC to be fully implemented, he is concerned about its problems in its early years.

The Bank of Jamaica is continuing to test the CBDC

The CBDC will be officially launched on a national basis in the first quarter of 2022, according to Jamaica. On the other hand, Holness admits that the country needs to devise a strategy for making the CBDC accessible to both banked and unbanked people. He used the internet as an example, which is accessible from everywhere. The Bank of Jamaica has joined a select group of countries worldwide that have completed their CBDC pilot test.

Jamaica’s digital money has already produced $1.5 million in value. Various financial institutions and recognized payment providers will be issued the CBDC. In addition, the Bank of Jamaica has announced that it would collaborate with two other wallet service providers. This follows on from the early stages of the test’s success. According to the bank, customers should be able to send and receive payments in digital currencies across multiple wallets.

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