Jamaica begins distributing its central bank digital currency (MNBC)

Jamaica’s MNBC enters a new phase

Jamaica’s MNBC project is moving fast. Last March, the country chose its partner for the issuance of a central bank digital currency: eCurrency Mint. The Irish company specializes in encryption, and it has become a partner of the Bank of Jamaica.

A few months later, a new announcement from Jamaica’s central bank reveals that the first coins of its MNBC have been minted. In total, J $ 230 million (approximately US $ 1.5 million (USD)) will be distributed during the pilot project.

👉 More info on central bank digital currencies (MNBC)

2022 in the crosshairs

At this time, Jamaica’s MNBC will only be distributed to authorized financial institutions and payment service providers. This test phase will end next December. Finance Minister Nigel Clarke has also confirmed that the legislative amendments necessary for the introduction of this digital currency will take place by the end of the fiscal year.

The name, logo and slogan of the Jamaica MNBC were submitted to a public competition. The winner – and therefore the name of the digital Jamaican dollar – will be announced shortly.

Central bank digital currency is not based on blockchain technologies. This is notable, as the vast majority of MNBC projects (88%) around the world make use of blockchain. No doubt this is one of the reasons for the speed with which Jamaica is issuing its MNBC.

👉 Also read – The Eastern Caribbean Monetary Union officially launches its digital currency, the DCash

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About the author: Marine Debelloir

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Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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