Jamaica’s central bank holds the distinction of successfully completing and becoming a player in the digital currency market. The country’s Prime Minister Andrew Holness expects that most citizens will sign up to use digital currency by 2027. He made this comment in an interview with Bloomberg TV on Friday, January 14th, 2022.
Jamaica’s central bank will roll out e-money in the first quarter of 2022. Mr. Holness firmly believes that digital currency will play a crucial role in reducing banking costs and help more people join the financial system formally. This, in turn, is expected to boost the government’s accountability while tracking public resources easily.
Mr. Holness also said that he expects a few challenges in the initial stages, such as offering access to the internet and digital devices overall. The Bahamas, Jamaica, and the Eastern Caribbean Central Bank are pioneers in the creation of digital currency. This offering is very different from cryptocurrencies like Bitcoin, which prefer to remain independent of governments. Digital currencies backed by governments are another version of locally used currency.
Given that Jamaica’s economy has recovered from the effects of the pandemic, Mr. Holness expects that Jamaicans will adopt the new currency with gusto. Tourism in Jamaica is picking up again, and there is cause for excitement. Bank of Jamaica has just released $1.5 million in digital currency and is expected to add more to the coffers by the end of March 31st, 2022. Anyone with a cell phone will be able to access and use digital cash, according to the bank’s Deputy Governor, Natalie Haynes