Bank Of Jamaica Partners With Ireland-Based Tech Firm For CBDC Project

Jamaica is the newest nation making tangible attempts towards releasing its own sovereign digital currency.

As per a recent press release by the Bank of Jamaica, eCurrency Mint, a cryptography security firm specializing in CBDC issuance, has been singled out as the technology provider for the sovereign virtual currency project.

eCurrency Mint, which is based in Ireland, is purportedly working with central banks and other international finance organizations to start protocols for central bank digital currency design and enactment.

As part of the announcement, Jamaica’s central bank divulged that the digital currency trial will start in the month of May under the backing of the BoJ’s Fintech Regulatory Sandbox. ECurrency Mint will assist the bank in testing protocols throughout the trial phase planned to be finished by December.

The Ireland-based tech firm will also assist as Jamaica’s CBDC provider when the comprehensive national roll-out starts off in early 2022. Notably, the issuance and apportionment of the CBDC will be fully unified with the Bank’s financial market infrastructure, the JamClear® Real Time Gross Settlement System.

As per previous statements by the Bank of Jamaica, the digital currency will be accessible for businesses as well as individuals as a payment means similar to cash.