Jamaica is advancing rapidly in the Central Bank Digital Currency (CBDC). Bank of Jamaica, or BOJ for short, printed the first batch of CBDC.

BOJ officially announcedHer CBDC department demonstrated the minting process of digital currency at an economic event on Monday.

The launch of the digital version of the Jamaican Dollar (JMD) was attended by Jamaican Treasury Secretary Nigel Clark, BOJ Governor Richard Byles, a top BOJ executive from the Irish technology company e Currency Mint, and a management team.

According to the announcement, BOJ plans to spend a total of $ 1.47 million on a CBDC to invest in companies and accredited payment service providers as part of a digital currency pilot ending this December.

Minister Clark said the Jamaican government has made rapid progress in developing the country’s digital currency program. He spoke in support of the US Alliance, but said that maintaining some independence was important for Jamaica. He said local lawmakers were working to change the law. The legal basis for the Jamaican CBDC will be ready by the end of 2021.

According to BOJ Governor Byles, the next step will be to ensure that as many people as possible have easy access to the CBDC and ensure acceptance.

The announcement said Jamaican CBDC would offer users a number of benefits, such as “easy access to efficient and secure payments.” “For Depository Institutions and the BOJ, CBDC enables us to improve the processes and costs associated with cash management,” the Central Bank continued.

In this context: Venezuela launches CBDC in October: Six zeros removed from currency

Cointelegraph asked the BOJ for comment but did not receive an editorial response.

Governor Byles also announced First Introduction to the Jamaican CBDC Scheduled for August. CBDC, which regulates and distributes BOJs, is intended to replenish Jamaican money and enable financial institutions to issue currency to private entities and business account holders. Digital tokens are paired with 1: 1 JMD.

More and more countries are planning their own digital central bank currencies. In October, including Venezuela CBDC wants to start the project. Accordingly Analysis by JP Morgan strategist Josh Younger Until Friday, retail CBDCs will be disbanding commercial banks and losing 20 or 30 percent of their funding base.