Jamaica Central Bank Will Begin Digital Currency Pilot in Weeks

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The central bank of Jamaica will begin launching its central bank digital currency (CBDC) in August, becoming one of the first countries in the world to push a CBDC formally through its central bank. The CBDC will be denominated as a complement to cash in the country so that one coin is equal to one Jamaican dollar, designed to streamline the system of currency for ease of use. The scheme will also be used to help serve unbanked sections of the population, with the central bank calling on retail payments companies to support the CBDC in order to bring unbanked residents on board.