Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
  • Login
Buy crypto
Newblock
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Solana
    • Cardano
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
No Result
View All Result
Newblock

70% of Jamaica population to adopt CBDC in 5 years, prime minister says

January 17, 2022
in Blockchain News
410 12
0
Share on FacebookShare on Twitter

Central bank digital currency (CBDC) evolved into a hot topic in Jamaica when the country’s central bank successfully completed the first pilot test in early January.

Following the tests, the country’s prime minister, Andrew Holness, has spoken confidently about CBDC adoption in the country.

Holness has predicted the majority of the Jamaican population would be quick to adopt the digital currency, with over 70% using the CBDC within five years. The Jamaican prime minister highlighted reduced banking costs and inclusivity of CBDC in a Bloomberg interview, adding that digital currency would ensure greater government accountability thanks to easier public resources tracking.

While admitting the initial challenges of a nationwide CBDC launch, which is aimed for the first quarter of 2022, Holness added that the government has to “figure out how to give people access to digital devices and the internet in general.”

The Bank of Jamaica, the country’s central bank, has become a pioneer in CBDC efforts with one of the first completed nationwide pilot projects in the world. After partnering with the Irish cryptography firm eCurrency Mint in March 2021, the central bank has conducted an eight-month-long pilot.

As Cointelegraph reported, the bank has minted 230 million Jamaican dollars (JMD) ($1.5 million) worth of the CBDC for issuance to deposit-taking institutions and authorized payment service providers. BoJ then issued 1 million JMD ($6,500) in CBDC to the staff at BoJ’s banking department and another 5 million JMD ($32,000) to the National Commercial Bank, a major financial institution in the country.

BoJ aims to add two new wallet providers for its CBDC, followed by a nationwide rollout in the first quarter of this year. The central bank also plans to focus on interoperability by testing transactions between customers of different wallet providers.

Source link

You might also like

Microsoft NFT ban

Microsoft NFT ban

August 4, 2022
Blockchain and digitization to take center stage at Davos

Blockchain and digitization to take center stage at Davos

May 20, 2022

Related News

Microsoft NFT ban

Microsoft NFT ban

by Editorial Team
August 4, 2022
0

Microsoft says NFTs and blockchains aren't welcome in Minecraft Microsoft Cites flakiness of NFT community and speculative activity as inimical...

Blockchain and digitization to take center stage at Davos

Blockchain and digitization to take center stage at Davos

by Editorial Team
May 20, 2022
1

The annual meeting of the World Economic Forum (WEF) is scheduled to take place from May 22–26,  marking the first...

qmall crypto license

Crypto License & Payment Gateway Authorized by EU Regulators

by Editorial Team
April 21, 2022
0

It seems there’s hardly a month goes by when we don’t hear at least some exciting news about Ukraine’s QMALL...

FC Barcelona to Get Into Metaverse and NFTs

FC Barcelona to Get Into Metaverse and NFTs

by Editorial Team
March 5, 2022
1

The FC Barcelona, a soccer club with a large fanbase in Spain and Europe, has revealed its plans to take...

Next Post

Crypto.com pauses withdrawals due to ‘suspicious activity’

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get daily news updates to your inbox!

Popular

  • crypto price analysis

    BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX

    21678 shares
    Share 8671 Tweet 5420
  • Google Launches Blockchain Division

    5331 shares
    Share 2131 Tweet 1332
  • Microsoft Reveals Activision Purchase for $68.7 Billion as an Approach to the Metaverse

    972 shares
    Share 389 Tweet 243
  • GAIMIN Brings Blockchain and NFTs to Minecraft – Press release Bitcoin News

    957 shares
    Share 383 Tweet 239
  • Coinbase exec says major Ethereum scaling improvements coming soon

    923 shares
    Share 369 Tweet 231

Recommended

defi

Value Locked in Defi Climbs 13% Higher Since Last Week’s Low, SOL Price Jumps 25%, AVAX TVL Spikes

February 6, 2022
ethereum price analysis

Ethereum Remains Below $2,800 to Start Weekend

February 20, 2022
Newblock

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Navigate Site

  • Blockchain news
  • Crypto Analysis
  • Ranking
  • Media Partnerships
  • Privacy Center
  • Contact Us
  • Donate

Follow Us

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • XRP
    • Cardano
    • Solana
    • Blockchain News
    • Press Releases
    • Events
  • Analysis
    • Market Analysis
    • Price analysis
  • Ranking
  • Buy Crypto
  • Privacy Center
  • Contact Us
  • Donate

Newblock is a blockchain news service that covers bitcoin and altcoin news, technical analysis & forecasts for bitcoin price and other altcoins.
© 2022 Newblock

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.