Jamaican Central Bank Says It Has ‘Successfully Completed CBDC Pilot’

The Jamaican central financial institution efficiently accomplished the pilot testing of its central financial institution digital forex, a press release from the financial institution has mentioned. The assertion nevertheless reveals that just one cost service supplier participated within the pilot.

Only One Payment Provider Participated within the Pilot

The Bank of Jamaica (BOJ) just lately revealed that it had efficiently accomplished the trial of its central financial institution digital forex (CBDC). The declare by the BOJ follows the completion of an eight-month check run that commenced in May 2021.

However, in a statement launched on the final day of 2021, the BOJ reveals that just one establishment participated within the pilot. The assertion explains:

The scope of the CBDC pilot was restricted to pockets suppliers who indicated their readiness to take part throughout the scheduled timeframe. National Commercial Bank [NCB] based mostly on the extent of their expertise within the Sandbox got here onboard with BOJ to check the vary of providers to be supplied utilizing the CBDC resolution.

The assertion additionally explains that the success of the pilot venture had been “depending on whether or not a CBDC together with the attendant expertise resolution may very well be efficiently carried out in Jamaica.”

$230 Million Worth of CBDCs Minted

The assertion reveals that three actions had been accomplished in the course of the pilot section. The first of those actions was the minting of $230 million price of CBDC “to be issued to deposit-taking establishments and licensed cost service suppliers.” A day after minting the digital forex on August 9, 2021, the BOJ went on to subject $1 million price of CBDC which was distributed to the financial institution’s employees.

Next, on October 29, 2021, about $5 million price of the CBDC was issued to NCB and this marked the primary issuance of a CBDC to a deposit-taking establishment in Jamaica. After receiving the digital forex, NCB then “efficiently onboarded 57 prospects which included 4 small retailers and 53 customers.”

In flip, the 57 prospects went on to conduct person-to-person, cash-in and cash-out transactions by way of “37 accounts and accomplished transactions with small retailers (native craft jewellers, footwear designers and trend and garment boutiques) by way of an NCB-sponsored occasion, ‘Market on the Lawn’ held earlier in December 2021.”

The assertion within the meantime reveals that the nationwide rollout of the CBDC is now scheduled to start within the first quarter of 2022. During this era, NCB — which is the one licensed cost service supplier that participated within the check section — “will proceed onboarding present prospects and new prospects.” At the identical time, two extra pockets suppliers “will be capable of order CBDC from BOJ and distribute to their prospects.”

Tests to find out the interoperability of transactions between prospects of assorted collaborating pockets suppliers may also be undertaken throughout this era, the assertion added.

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