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Jamaica Central Bank to Start CBDC Pilot in August

The Central Bank of Jamaica is said to start its rollout of the CBDC in August, which makes it one of the first countries on the globe to push a CBDC formally via its central bank.

Richard Byles, the Governor of the Bank of Jamaica, confirmed this a month ago, at a Rotary Club meeting. As of now, the bank is working on the CBDC in a regulatory sandbox environment.

The bank works in collaboration with eCurrency Mint as the technical partner for creating a CBDC. The development project has been in the works for over a year.

Byles mentioned a period of tests would follow before more banks would be asked to join the pilot scheme for a rollout planned later this year.

He declared: “As we work through the technical minting of the currency, we have to test it rigorously as a pilot that we’ll do in August. In September to December, we’ll be recruiting more of the banks to come on board, and then we’ll gradually expand the pilot out into a full-fledged launch of the CBDC.”

If all goes according to plan, the first CBDCs of the country would be released in a couple of weeks.

Source: Coingeek.com

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