Jamaica to Pilot CBDC Later This Year

Jamaica is planning to launch a central bank digital currency (CBDC) in 2022.

While giving the annual National Budget Debate address before the national legislature on March 9, Jamaica’s Minister of Finance, Nigel Clarke, announced the CBDC will be piloted in December ahead of launch.

The government of Jamaica views the accelerated transition to a digital society and economy as vital to economic recovery following the COVID-19 pandemic, Clarke said, adding that a CBDC can greatly improve financial inclusion by making financial services available to the Caribbean nation’s unbanked population.