On Monday August 9, 2021 the Bank of Jamaica minted an inaugural $230 million of Central Bank Digital Currency (CBDC). Finance minister Dr. Nigel Clarke announced “This freshly minted CBDC will be exchanged for physical Jamaican currency with the institutions participating in the BOJ’s CBDC pilot who will onboard customers.”
Jamaica’s CBDC (not to be confused with another Jamaican product with an acronym that has one less C) is a partnership with the firm eCurrency. CEO Jonathan Dharmapalan, said that “Jamaica has the fastest-moving CBDC project in the world, in addition to the world’s fastest man and fastest woman.” https://boj.org.jm/boj-mints-first-batch-of-jamaicas-central-bank-digital-currency/
The Bank of Jamaica chose a non-blockchain currency. The CBDC will use JamClear® Real Time Gross Settlement System (RGTS), and be fully integrated into the Jamaican financial and telecommunications industries. “It is this consideration and prerequisite that led to BOJ choosing a non-block chain CBDC option. Not using the blockchain technology that is often associated with CBDCs is not because of any major concerns with blockchain, but rather that BOJ is mindful of the importance of utilizing a technological solution that would as seamlessly as possible interface with the country’s payment infrastructures. Consequently, the solution that BOJ has opted for adapts to traditional technology which is easily integrated with the Bank’s RTGS.” - BOJ press release 21/3/2021
https://jis.gov.jm/boj-prepares-for-central-bank-digital-currency/
This decision, however, conveniently avoids the transparency and accountability provided by blockchain technology. Jamaica desperately needs this transparency and accountability throughout all of its government.
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