According to a Jamaica Observer report, the Bank of Jamaica (BOJ) announced that it will pilot a roll-out of its central bank digital currency (CBDC) in August with National Commercial Bank as the first to trial the solution and other banks to follow.
News of this launch comes after the central bank addressed concerns last week about the risks of a digital currency. In an interview with Jamaica Information Service, Mario Griffiths, Director of the BOJ’s Payment System Policy Department, said that data privacy and money laundering risks have been considered.
“In terms of anti-money laundering, we have ensured that there is intermediation where the central bank will issue CBDC to the financial institutions as well as authorised payment service providers that are regulated by the Bank of Jamaica,” said Griffiths. In other words, the third parties will be responsible for anti-money laundering compliance.
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