Bank of Jamaica partners with an Irish firm to test its CBDC

.Bank of Jamaica partners with an Irish firm to test its CBDC – The Bank of Jamaica has partnered with eCurrency Mint, an Ireland-based company, to pilot the central bank digital currency (CBDC) project.

The digital currency project will start between May and December of this year. Jamacia Bank was looking for a technology partner to start piloting CBDC in 2021. In inviting applications, he claimed that CBDC would increase financial inclusion through “efficient and secure payments”, citing its potential.

eCurrency Mint to support central bank in testing CBDC

According to a press release released by the Bank of Jamaica on March 23, “After a comprehensive acquisition process, the eCurrency Mint has chosen to support us in testing the CBDC solution in the Bank’s Fintech Regulatory Protected Area between May and December 2021.

ECurrency Mint also became the provider when the national CBDC implementation began in early 2022. The project will allow the bank to test CBDC for applicability while “providing adequate consumer protection and data privacy before any promotion; it will support the Jamaican economy.”

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