Governor of the Bank of Jamaica, BOJ, Richard Byles says the Central Bank will begin testing its Digital Currency, CBDC, next month.
CBDC, is a digital currency, which will only be useable in Jamaica and will be a complement to bank notes and coins.
The BOJ Governor says next month, the Central Bank will begin testing the issuance and redemption process and between September and December the bank will facilitate all types of transactions.
Governor Byles argues, that the digital currency, will be more efficient than using cash.
Governor Byles says the digital currency, will also reduce the cost of producing cash which is needed for daily use in the country.
He further notes that the digital currency, will be more secure than cash, while being easily accessible to all citizens.
The National Commercial Bank will be the first commercial bank to engage in the sale of the digital currency.
He was speaking at the virtual installation ceremony of the new president of the Rotary Club of St. Andrew North.