While other countries are in the process of working on their own central bank digital currency (CBDC) on Tuesday, the Bank of Jamaica (BoJ) announced it will soon be testing their CBDC project.
The BoJ will reportedly work with technology firm Ecurrency Mint Incorporated and plans to test the Central Bank’s cryptocurrency starting this May. The country located in the Caribbean Islands will begin the pilot process in May in collaboration with several technology companies to help solve the CBDC, among them Ecurrency Mint.
According to the BoJ, the trial process will take up to 7 months starting from May until the end of December 2021. They added, CBDC will be integrated with Jamaican banknotes and coins.
Ecurrency Mint will be a pioneer in cryptographic software and security protocols to enable central banks to securely issue, distribute and monitor CBDCs.
In addition to Jamaica, some countries that are planning to issue CBDC are China, Sweden, EU, Marshall Islands, and Bahamas. On the other hand some countries have considered developing CBDC or started discussions on such development are countries such as the United States, Singapore , UK, South Korea, Japan, and Canada.
By analogy, this shows that crypto is a technology that can no longer be ignored and is expected to continue to receive wider attention.
