Jonathan Dharmapalan, Founder and CEO of eCurrency, has ensured that Jamaican digital currencies are not a security issue. In an exclusive interview with Carrilla Reynolds on the acquisition of shares, Dharma Paran said the technology used to operate the Central Bank Digital Currency (CBDC) could prevent digital funds from being forged or infringed. ..
Recently, the Bank of Jamaica cast the first $ 230 million in CBDC issued to depositors and licensed payment service providers during the pilot period ending in December.
Kalilah Reynolds Media witnessed this process with the Bank of Japan’s Governor Richard Biles and Finance Minister Nigel Clarke. However, for security reasons, video or audio recording is not allowed.
The foundry was provided by eCurrency to the Bank of Jamaica (BOJ). According to Dharmapalan, eCurrency does not perform minting itself, but will continue to provide background support until the central bank takes full control of the process. “We provided banks with an encryption engine to go through that process and prevent them from being counterfeited,” said Dharmapalan, who said currency security is divided into three layers. ..
In addition to the security of a currency, he said, there is also the security of people who use that currency because they need to protect their privacy, personal information, and so on. The third layer of security is related to the “sovereign” security that is usually associated with your home currency. In other words, it has become legal tender with the support of the Bank of Japan.
“It all starts with a mining-enacted security process, which cannot be enabled by anyone. [or] Department; it must be done through a specific management process, “he said.