Group items tagged

According to the just-released ECCB Annual Report, As at end-March, the value of DCash in circulation amounted $2.27 million, or 0.16% of the $1,407.14 million currency in circulation. More than 20 of the region's financial institutions and 11 agencies, both groups being key channels for customer onboarding, are now participating in the pilot. Also there has seen steady increase in the merchant base. The second phase of the pilot will see the introduction of government-to-consumer (G2C) payments and an e-commerce functionality to support wider use of DCash.

The Bank of Jamaica (BOJ) has reportedly officially launched Jamaica's JAM-DEX central bank digital currency (CBDC)  through the Lynk app on July 25.  Lynk is currently the only transaction platform for Jamaicans to use their JAM-DEX. As part of the launch, the first 100,000 customers that signed up for JAM-DEX via the Lynk app were given an incentive bonus of $2,500 JAM-DEX in their wallets by the Government of Jamaica.

In September 2021, Denis Pitcher, chief fintech adviser to the Premier of Bermuda said "we're not particularly interested in creating a unifying technical solution that's going to solve all problems at digitizing money for a country, because it's hard to see how that really can exist."

The Banque de la République d'Haïti has requested technical assistance from the IMF to help address the risks associated with CBDC deployment. Support has been received from specialized foreign firms and collaboration has been initiated with countries that have already launched a CBDC, particularly in the Caribbean.

El Banco Central de la República Dominicana is exploring the benefits of a CBDC and the IMF stands ready to offer capacity development support.

Bank of Jamaica's central bank digital currency (CBDC) now has a name - Jamaica Digital Exchange or JAM-DEX for short, with the tagline "no cash, no problem!" The pilot was completed in December 2021 and launch is expected during the first quarter of 2022.

"Jamaica will roll out its digital currency across the country in the first quarter of this year as part of an effort to lower transaction costs and provide financial services to citizens who do not use banks, a central bank official told Reuters."

The International Monetary Fund (IMF) said that the Bahamas' Sand Dollar central bank digital currency (CBDC) needs better reach and more security to achieve its aims. The IMF noted the Sand Dollar represents only 0.1% of currency in circulation. The country's central bank "should continue strengthening internal capacity - including on cybersecurity and the resilience of systems associated with the Sand Dollar," adding that there are currently "limited avenues to use the Sand Dollar."

"Following its successful pilot program, Jamaica's central bank digital currency is set to become publicly available this summer, Central Bank of Jamaica Governor Richard Byles told Blockworks."

The Bank of Jamaica has been given the authority to issue CBDC with the Senate's passage of the Bank of Jamaica (Amendment) Act, 2022 at Gordon House on June 3, 2022.

The Bank of Jamaica (BOJ) is reportedly still on track for the roll-out of its JAM-DEX central bank digital currency (CBDC) during the first quarter of 2022. The remaining steps include the passage of amendments to the Bank of Jamaica Act to make CBDC legal tender and the BOJ the sole issuer, and increasing the number of deposit-taking institutions onboarding clients. Also, launch awaits an independent third-party quality assurance assessment of the system, the results of which will be made public.

The Central Bank of Trinidad and Tobago reportedly hopes to make a decision on a possible CBDC pilot by mid-year. The central bank's focus is on improving the payments system by promoting more widespread, safe and efficient electronic financial transactions. It is receiving IMF technical assistance, including on technical aspects and country experiences.

The Central Bank of The Bahamas (CBOB) has now completed its integration of the Sand Dollar with the Bahamas Automated Clearing House (BACH) system, opening the door for Sand Dollar to now be transferred from a digital wallet to any deposit account at a local commercial bank. Sand Dollar users simply pair their mobile wallets to a deposit account and carry out transfers.

The Central Bank of the Bahamas (CBOB) published an update on the uptake of its Sand Dollar central bank digital currency (CBDC). At present, only about 100,000 Sand Dollar wallets have been downloaded usage remains low when compared to the overall size of the domestic payments system. In order to bump up usage, a new version of the wallet will be introduced that will allow digital payment providers to offer fee-based merchant services from within the core Sand Dollar platform. Financial institutions will be able to customize the appearance of the app to display their individual brand identities, including logos and branding color preferences. Also the CBOB will ramp up promotional activities at civic and cultural events, and it has has committed to a giveaway of $1 million in Sand Dollars to early adopters through 2024.

According to Island Pay's Jeffrey Beckles it is critical to increase the number of merchants embracing Sand Dollars as a means to settle transactions beyond the present 1,500 given that there were some 50,000 Business Licence applications submitted this year.