On Monday, the Bank of Jamaica announced plans for its central bank digital currency (CBDC). A decision was made in May 2020 to proceed with the CBDC issuance, and laws are being amended to legislate that the Bank is the sole issuer.
A CBDC is viewed as part of the process of upgrading the country’s payment infrastructure. Hence one of the benefits is a modern digital payments system, closely followed by greater financial inclusion.
That’s in part because the account-based currency will be distributed via banks as well other licensed deposit-taking institutions such as payment providers, with appropriate know your customer (KYC) processes.
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