CBDCcentral bankcentral bank digital currencyCointelegraph.comJamaica

Jamaica’s central bank taps Irish tech outfit for CBDC project

The Bank of Jamaica has partnered with an Ireland-based tech firm for its central bank digital currency project scheduled to begin in May.
Jamaica is the latest country making concrete efforts towards issuing its own sovereign digital currency.According to a press release by the Bank of Jamaica on Tuesday, eCurrency Mint, a cryptography security company specializing in central bank digital currency issuance has been selected as the technology provider for the sovereign digital currency project.As previously reported by Cointelegraph, Jamaica’s central bank invited technology solution providers to submit applications for its CBDC project back in July 2020. At the time, the BoJ clarified that its planned sovereign digital currency would not be based on crypto technology.Based in Ireland, eCurrency Mint is reportedly working with central banks and other international finance organizations to develop protocols for CBDC design and implementation.As part of the announcement, Jamaica’s central bank revealed that the CBDC pilot will commence in May under the aegis of the BoJ’s Fintech Regulatory Sandbox. ECurrency Mint will support the central bank in testing protocols during the pilot stage scheduled to be completed by December.The Ireland-based tech outfit will also serve as Jamaica’s CBDC provider when the full national roll-out commences in early 2022. According to previous statements by the BoJ, the CBDC will be available for both individuals and businesses as a payment means similar to cash.Like many countries in the Caribbean, Jamaica has somewhat liberal crypto and blockchain laws with regulated …
Story continues on Cointelegraph

Related posts
Bitcoin miningCointelegraph.comMiningMining PoolsZcash

Argo Blockchain to launch clean energy Bitcoin mining pool

Hydroelectric energy will power a new Bitcoin mining pool following Argo’s partnership with DMG Blockchain. Publicly-traded cryptocurrency mining firm Argo Blockchain will launch a Bitcoin (BTC) mining pool powered solely by clean energy, the company announced on March 26. Argo…
BusinessCointelegraph.comCryptocurrenciesFundingTaxes

Crypto-focused software firm Lukka raises $53M in funding round

Lukka said it planned to add additional features for customers dealing in derivatives, DeFi products, and other products of the crypto space. Just a few weeks before the filing deadline for U.S. taxpayers, cryptocurrency accounting and data company Lukka said…
CBDCChinacryptocurrencyNewsunitedstates

China Sets the Stage for Central Bank Digital Currencies, Proposing Global Rules for Nations

China recently proposed a set of global guidelines on central bank digital currencies (CBDC) earlier this Thursday, discussing potential uses and implications of a sovereign digital currency. With the coronavirus pandemic exposing inefficiencies in traditional payment systems, there has been…