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The Bank of Jamaica (BOJ) anticipates that the introduction of a Central Bank Digital Currency (CBDC), slated for 2022, will serve to bolster government service delivery and boost financial inclusion for a greater number of Jamaicans. Governor, Richard Byles, said that the challenges arising in relation to the deployment of funds to beneficiaries under the multibillion-dollar COVID-19 Allocation of Resources to Employees (CARE) Programme, highlights the need for the CBDC. “The simple act of trying to get government support out to those who [were] most in need became very difficult, because many Jamaicans are not part of the financial network and also because a lot of the banking [arrangements are] still not digitised. I think that there is a greater need for financial inclusion and digitisation of the Jamaican economy, and that is one of the issues that we hope to rectify with the CBDC,” he said.

Richard bylesRobert stennettCentral bank digital currencyCentral bankGrowth inducement programmeCurrency mint incorporatedPlanning institute of jamaicaEconomic growth forumPlanning instituteTowards long term resilienceJamaica governorDeputy governorFintech regulatoryரிச்சர்ட் பைல்கள்ராபர்ட் ஸ்டென்னெட்மைய வங்கி டிஜிட்டல் நாணய