The Bank of Jamaica is slated to commence national rollout of the Central Bank Digital Currency platform during the first quarter of 2022.

Deputy Governor with responsibility for Banking, Currency Operations, and Financial Markets, Natalie Haynes, says it is anticipated that by then, additional deposit-taking institutions will be onboarded to enable the issuing of wallets to facilitate an expansion of the number of individuals and businesses utilising the currency.

National Commercial Bank is currently the sole DTI participating in the CBDC pilot, which commenced in June and is slated to conclude in December.

Speaking during the BOJ Monetary Policy Committee digital quarterly media briefing on Friday, November 19, Ms. Haynes said NCB has developed its wallet and has begun testing the facility.

She indicated that the bank is doing so with staff and their family members, adding that “we’re going to roll that out, before year end, to other account holders, namely individuals and small merchants”.