The Bank of Jamaica (BOJ) remains firm that its digital currency will be for domestic use only.

In an update provided to the Jamaica Observer, it said it is also not considering interoperability with any other CBDC or usable on any other digital wallet apart from deposit-taking institutions and payment associates in its own ecosystem.

The CBDC, which is yet to be named publicly, will be convertible one-to-one with Jamaican banknotes and coins. The BOJ added, “the purchase of foreign currency using CBDC will be conducted in the same way as done with paper currency.”

Just last week, Prime Minister Andrew Holness said he anticipates up to 70 per cent of the population will use digital currencies in Jamaica in five years.

The central bank disclosed that it has hired a marketing company to support national roll-out.

https://www.jamaicaobserver.com/business-report/cbdc-for-domestic-use-only-boj-says-its-digital-currency-is-not-convertible-to-other-digital-currencies-or-wallets_241901?profile=1056