After quietly exploring the viability of a central bank digital currency (CBDC) for some time, Bank of Jamaica (BOJ) took the decision in May 2020, as a part of our ongoing retail payments reform, to venture into this digital innovation that is fast becoming a feature of global central banks. We are proud to be a part of a trend in central banking that is being led by the Caribbean.
CBDC is a digital form of central bank issued currency and is therefore legal tender. It is not to be confused with cryptocurrency, which is privately issued and not backed by a central authority. CBDC is fully backed by the central bank, the sole issuer.
The legislative review to amend the Bank of Jamaica Act to concretise BOJ as sole issuer of CBDC is well underway.
CBDC will not be a cost to consumers and will be a full complement to bank notes and coins issued by BOJ.
https://www.jamaicaobserver.com/sunday-finance/a-primer-on-boj-s-central-bank-digital-currency_217519?profile=1056
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