By Warren Bertram
Finance Minister Dr. Nigel Clarke has responded to claims made by Opposition Leader Mark Golding about the use of digital currency and the new banknotes to be introduced next month.
In a video posted to social media, Mr. Golding said digital currency should be an option, not a mandate.
He also claimed that billions have been spent on the new banknotes yet they cannot be used in Automated Teller Machines.
In response, Dr. Clarke said there is no digital currency mandate.
He added that the new banknotes will be in circulation by mid-June, as previously announced.
The banknotes, he said, are made of a more durable substrate that provides for vastly improved functionality, longer note life, and lower costs.
He also reiterated that the Bank of Jamaica has been working with retail banks to reconfigure ATMs to accept the new notes.
Dr. Clarke said although new banknotes will be in circulation, this does not mean the old banknotes will suddenly be invalid and withdrawn.
The new and old banknotes will be in circulation alongside each other for at least two years.
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