Robert Stennett, Deputy Governor at the Bank of Jamaica
The Bank of Jamaica (BOJ) says it will launch its central bank digital currency (CBDC) by March 2022.
The CBDC will be in addition to banknotes and coins, and backed by the BOJ as legal tender.
BOJ Deputy Governor Robert Stennett made the announcement at the Jamaica Chamber of Commerce Business and Consumer Confidence webinar on Tuesday.
"Your means of payments is going to be done by your phone... with the relevant app. Or, with a card that allows you to transfer your store of value that you have in commercial banks from you know, yourself to another person or a retailer," said Mr. Stennett.
He noted it could significantly affect the economy "because handling cash is something that is very difficult and costly to do on the parts of banks and even for individuals to store it, security and so on. With digital currency a lot of the frictions in the system are going to go away and people will be able to more easily get payment from the government and make payments between themselves and businesses."
The currency will only be tenable in Jamaica.