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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.


While the bank has explained that it’s not looking to develop a cryptocurrency, there are no specs about whether it plans to use blockchain technology.


When it is once launched, both individuals and companies will be ready to use the CBDC as a means of payment and a store of value just as they currently do with cash. 


Still, the bank noted, the CBDC may act as a more productive and secure alternative for payments which will improve financial inclusion within Jamaica. Deposit-taking institutions are also assumed to experience an improved cash management process that is more cost-effective.


The Bank of Jamaica told that searching the potential of a CBDC is their latest step toward creating a more efficient digital retail payment infrastructure that may provide residents the capability to send or receive payments.



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