Anna Martynova

Bank of Jamaica has invited technology providers to develop and test potential solutions for the central bank’s digital currency. Interested companies were invited to submit details of their solutions to the bank by August 7, 2020.

The solutions developed will be tested in the bank’s newly established regulatory sandbox. They will ensure adequate consumer protection and data privacy before solutions are rolled out to Jamaica’s economy, the bank said.

The Central Bank also emphasized that cryptocurrencies do not fulfill all the basic functions of money and, as a rule, are not supported by the central government, therefore the issued digital currency will be fiat not crypto. With the launch of the CBDC, both individuals and legal entities will be able to use the digital asset as a means of payment and store of value, similar to how they currently use cash.

Image courtesy of Spotlight Growth

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