econintersect.com
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
No Result
View All Result
econintersect.com
No Result
View All Result
Home Business

Bank Of Jamaica Finished First CBDC Test

admin by admin
1월 3, 2022
in Business
0
Bank Of Jamaica Finished First CBDC Test
0
SHARES
0
VIEWS

The Bank of Jamaica (BoJ) originally partnered with the Irish cryptography company eCurrency Mint for its central bank digital currency (CBDC) project in March last year. The bank has completed its CBDC test, targeting a national rollout in the first quarter of 2022.

National Commercial Bank (NCB)

After proceeding with its first CBDC prototype testing in March 2021, Jamaica’s central bank finished an 8-month long pilot on December 31, 2021, as reported by the Jamaica Information Service. As part of that test, the Bank of Jamaica minted around 230 million Jamaican dollars (JMD) ($1.5 million) worth of the CBDC and issued it to deposit-taking institutions and authorized payment service providers on August 9, 2021.

In that context, the central bank then sent 1 million JMD ($6,500) worth of digital currency to the staff working at the institution’s banking department. On October 29, BoJ also issued 5 million JMD ($32,000) worth of CBDC to the National Commercial Bank (NCB), one of the biggest financial institutions in Jamaica.

Based on the report, the NCB became the first wallet provider in Jamaica’s CBDC pilot, accommodating 57 clients, including four small merchants and 53 consumers. Customers managed to do person-to-person, cash-in and cash-out transactions at available NCB-sponsored event in December.

Buy Crypto Now

Bank Of Jamaica To Proceed With Rollout

Currently, the BoJ plans to proceed with a nationwide rollout in Q1 2022, expecting to add another two wallet providers. Both of the providers have been conducting virtual simulation testing and can order CBDC from BoJ and then distribute it to their clients.

The central bank also wants to focus on interoperability by testing these transactions between users of different wallet providers, according to the report. Based on previous publications, the central bank of Jamaica chose the Irish cryptography security company eCurrency Mint as the technology provider for its virtual currency project in March 2021.

This company is known for being involved in the CBDC development in various nations including Senegal. The Bank of Jamaica previously invited technology service providers to submit extensive applications for its central bank digital currency project in July 2020.

Tags: adoptionBank of JamaicaCBDCcentral bankcentral bank digital currency (CBDC)digital currencygovernmentJamaicaLatin Americaregulation
Previous Post

NFTs To Enable Farmers And Brewers To Preserve UNESCO Belgian Beer Heritage

Next Post

South Korean Presidential Candidate Plans To Use NFTs For Campaign Funding

Related Posts

SEC Accepts BlackRock’s Spot Bitcoin ETF Application
Business

SEC Accepts BlackRock’s Spot Bitcoin ETF Application

by admin
US Senate Finance Committee Asks Crypto Community How To Tax It In Open Letter
Business

US Senate Finance Committee Asks Crypto Community How To Tax It In Open Letter

by admin
Arkham Intel Firmly Denies Affiliation With US Government Amid Criticism Over Privacy
Business

Arkham Intel Firmly Denies Affiliation With US Government Amid Criticism Over Privacy

by admin
What Does Persistent Inflation Mean For Bitcoin?
Business

What Does Persistent Inflation Mean For Bitcoin?

by admin
When Will Crypto Go Mainstream?
Business

When Will Crypto Go Mainstream?

by admin
Next Post
South Korean Presidential Candidate Plans To Use NFTs For Campaign Funding

South Korean Presidential Candidate Plans To Use NFTs For Campaign Funding

답글 남기기 응답 취소

이메일 주소는 공개되지 않습니다. 필수 필드는 *로 표시됩니다

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market blockchain BTC BTC price business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

© Copyright 2024 EconIntersect

No Result
View All Result
  • 토토사이트
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자

© Copyright 2024 EconIntersect