Central Bank of Jamaica will launch its own digital currency in 2022 year – Bits Media

The Central Bank of Yamaiki plans to start testing the state digital currency in December, And its launch is scheduled for next year.

This was announced by the Minister of Finance Yamaiki Nigel Clark (Nigel Clarke) During the performance at the annual meeting of the parliament, Where issues were discussed, related to the state budget. The Jamaica government considers it necessary to speed up the transition to digital currency for a more effective restoration of the economy after the crisis and pandemia.

State Stablecoin can significantly expand the access of the population of the Caribbean basin to financial services. However, Clark immediately made a reservation, that the digital currency of the Central Bank of Jamaica should not be confused with cryptocurrencies, which are produced in private and are not controlled by regulatory authorities.

The state digital currency will be tied to the Jamaican dollar in the ratio 1:1, and will become considered a legal payment tool. Besides, With the help of this asset, enterprises will be able to make faster and more economical payments without intermediaries.

Individuals and organizations will make calculations, and also pay for goods and services using a mobile phone. According to Clark, After starting the digital currency of the Central Bank, Tens of thousands of Jamais will be able to become full -fledged participants in the country's financial sector.

Previously manager of Yamaiki Bank Richard Bails (Richard Byles) stated, that over the past few months of the Yamaiki Central Bank, he actively discussed the implementation of this initiative with the Cabinet of Ministers. Jamaica has been working on the creation of state stablecoin since the beginning of last year.

In May, Yamaiki Bank said, that he studies the possibilities of digital currency and its functioning in the new regulatory "sandbox" for projects, working in the field of financial technology. Then the Central Bank began to attract specialists to develop and test the digital Yamaisky dollar.

Recall, that last fall, the Central Bank of the Bahamas has already launched its own state Sand Dollar stablecoin, To reduce economic costs and improve the country's tax system.