Lens1000
VIP Contributor
The CBDC project is a global initiative that has received support from a number of countries. Jamaica has joined the list of countries that have adopted CBDC initiatives. Andrew Holness, Jamaica's Prime Minister, confirmed this.
The Bank of Jamaica (BOJ) released the results of the pilot in December of last year, revealing that it had minted $230 million worth of digital currency on August 9, issued $1 million of CBDC to wallet providers the next day, and issued an additional $5 million in CBDC to a deposit-taking institution, the National Commercial Bank, two months later. In order to determine the project's success, 57 Jamaicans were asked to test it one-on-one.
"This will serve as the foundation for Jamaica's digital payments infrastructure, facilitating greater financial inclusion, increasing transaction velocity, and lowering the cost of banking for Jamaicans," he added in another tweet. The CBDC plan has received a lot of flak from Jamaican financial investors and institutions. This is what led to the introduction of one-on-one back testing in order to ensure the project's success. Critics have a history of attacking enterprises that are tied to bitcoin.
What are your thoughts on this?
The Bank of Jamaica (BOJ) released the results of the pilot in December of last year, revealing that it had minted $230 million worth of digital currency on August 9, issued $1 million of CBDC to wallet providers the next day, and issued an additional $5 million in CBDC to a deposit-taking institution, the National Commercial Bank, two months later. In order to determine the project's success, 57 Jamaicans were asked to test it one-on-one.
"This will serve as the foundation for Jamaica's digital payments infrastructure, facilitating greater financial inclusion, increasing transaction velocity, and lowering the cost of banking for Jamaicans," he added in another tweet. The CBDC plan has received a lot of flak from Jamaican financial investors and institutions. This is what led to the introduction of one-on-one back testing in order to ensure the project's success. Critics have a history of attacking enterprises that are tied to bitcoin.
What are your thoughts on this?
