Bank of Jamaica successfully completes CBDC pilot, looks to launch in Q1

The Bank of Jamaica successfully completes its eight-month long central bank digital currency pilot, and expects to introduce the CBDC in Q1, according to a release on Dec. 31, 2021. The central bank worked with Ireland-based eCurrency Mint on the project. The National Commercial Bank also tested the range of services that can use the CBDC solution. Some of the services tested included minting $230M worth of digital currency to be issued to deposit taking institutions and authorized payment service providers, the release says. The NCB onboarded 57 customers who conducted person-to-person, cash-in and cash-out transactions through 37 accounts. With regards to the Q1 rollout, the NCB will continue onboarding existing and new customers. Towards the end of December, Mexico plans to launch a CBDC by 2024.