RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Banking

Jamaican Central Bank Says It Has ‘Successfully Completed CBDC Pilot.

Rate Captain by Rate Captain
January 5, 2022
in Banking, Economics, News
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

AlsoRead

FG Targets N800 Billion in February Bond Auction, Doubling Last Year’s Offer Amid High Borrowing Costs

NDIC Accelerates Payouts for Failed Banks: BVN Link Now Key to 72-Hour Access

Access Bank Fails to Complete Bidvest Bank Acquisition as Long-Stop Date Expires

The Jamaican central bank successfully completed the pilot testing of its central bank digital currency, a statement from the bank has said. The statement however reveals that only one payment service provider participated in the pilot.

The Bank of Jamaica (BOJ) recently revealed that it had successfully completed the trial of its central bank digital currency (CBDC). The claim by the BOJ follows the completion of an eight-month test run that commenced in May 2021.

However, in a statement released on the last day of 2021, the BOJ reveals that only one institution participated in the pilot. The statement explains:

The scope of the CBDC pilot was limited to wallet providers who indicated their readiness to participate within the scheduled timeframe. National Commercial Bank [NCB] based on the extent of their experience in the Sandbox came onboard with BOJ to test the range of services to be offered using the CBDC solution.

The statement also explains that the success of the pilot project had been “dependent on whether a CBDC along with the attendant technology solution could be successfully implemented in Jamaica.”

The statement reveals that three activities were completed during the pilot phase. The first of these activities was the minting of $230 million worth of CBDC “to be issued to deposit-taking institutions and authorized payment service providers.” A day after minting the digital currency on August 9, 2022, the BOJ went on to issue $1 million worth of CBDC, which was distributed to the bank’s staff.

Next, on October 29, 2022, about $5 million worth of the CBDC was issued to NCB and this marked the first issuance of a CBDC to a deposit-taking institution in Jamaica. After receiving the digital currency, NCB then “successfully onboarded 57 customers, which included 4 small merchants and 53 consumers.”

In turn, the 57 customers went on to conduct person-to-person, cash-in and cash-out transactions via “37 accounts and completed transactions with small merchants (local craft jewelers, footwear designers and fashion and garment boutiques) through an NCB-sponsored event, ‘Market on the Lawn’ held earlier in December 2021.”

The statement in the meantime reveals that the national rollout of the CBDC is now scheduled to begin in the first quarter of 2022. During this period, NCB — which is the only authorized payment service provider that participated in the test phase — “will continue onboarding existing customers and new customers.” At the same time, two more wallet providers “will be able to order CBDC from BOJ and distribute to their customers.”

Previous Post

Bored Ape Yacht Club Hit $1 Billion in Total Sales

Next Post

Nigeria Fixed Income Market is being Taxed

Related News

FG Aims to Recoup N553 Billion in Unremitted Taxes from International Petroleum Shipping Companies

FG Targets N800 Billion in February Bond Auction, Doubling Last Year’s Offer Amid High Borrowing Costs

by Victoria Attah
February 17, 2026
0

Nigeria's Debt Management Office (DMO) has scheduled a Federal Government bond auction for February 23, 2026, aiming to raise N800...

Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

NDIC Accelerates Payouts for Failed Banks: BVN Link Now Key to 72-Hour Access

by Stephen Akudike
February 12, 2026
0

The Nigeria Deposit Insurance Corporation (NDIC) has significantly sped up the process of reimbursing depositors when a bank fails, promising...

Access Bank Fails to Complete Bidvest Bank Acquisition as Long-Stop Date Expires

by Jide Omodele
February 11, 2026
0

Access Holdings Plc has confirmed that its banking subsidiary, Access Bank Plc, was unable to finalise the proposed acquisition of...

Naira Surges Against US Dollar, Falls Below N1,000 Mark

Larger Disparities Boom Between Black Market and Official Rates

by Stephen Akudike
February 5, 2026
0

The gap between Nigeria’s official and parallel (black market) exchange rates has widened to over 6%, reviving fears of renewed...

Next Post

Nigeria Fixed Income Market is being Taxed

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Angola Surpasses Nigeria, Becomes Africa’s Largest Oil Producer in August

Oil Prices Surge Past $100/Barrel for First Time Since 2022 as Iran Conflict Escalates

March 9, 2026
Battered Commodity Currencies Gain Attention Amid Dollar’s Decline.

Naira Slips to N1,398/$ on Friday, Marking Weakest Close Since Late January

March 9, 2026

Popular Story

  • Nigerian Equity Market Sees Impressive N1.08tn Wealth Gain Amidst Bullish Trading.

    NGX All-Share Index Climbs 2.14% WoW to 196,968 Amid Oil Price Surge

    0 shares
    Share 0 Tweet 0
  • Pension Assets Hit N28.03trn in January as 400,000 New Contributors Join

    0 shares
    Share 0 Tweet 0
  • Oil Prices Surge Past $100/Barrel for First Time Since 2022 as Iran Conflict Escalates

    0 shares
    Share 0 Tweet 0
  • Naira Slips to N1,398/$ on Friday, Marking Weakest Close Since Late January

    0 shares
    Share 0 Tweet 0
  • CBN set to issue guidelines to regulate FinTechs

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>