Tech Companies Are Invited By The Bank Of Jamaica To Test Digital Currency Solutions

Technology solution providers are asked by Jamaica’s central bank to develop and test a potential CBDC.

The Bank of Jamaica invited technology solution providers to improve and test possible central bank digital currency, or CBDC, solutions. 

Interested companies have been inquired to submit the details of their solutions to the bank by Aug. 7, 2020, according to a statement published on July 17. 

TThe advanced solutions will be experimented within the Fintech Regulatory Sandbox lately established by the bank. The bank said that it will assure adequate consumer protection and data privacy before the solutions are presented to the Jamaican economy.

Not a cryptocurrency

A bank-issued digital currency would be a fiat currency and it should not be confused with cryptocurrencies said the central bank. 

The bank stated that cryptos do not perform all the essential functions of money and they are also regularly not backed by a central authority, so they drew a line between CBDCs and other cryptocurrencies.