Central Bank Digital Currency (CBDC) became a hot topic in Jamaica when the country’s central bank successfully completed the first pilot in early January.
Following the trials, the country’s Prime Minister, Andrew Holness, has spoken confidently about the adoption of CBDC in the country.
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Holness has predicted that the majority of the Jamaican population will quickly adopt digital currency, with more than 70% using CBDC within five years. The Jamaican prime minister highlighted the reduction in banking costs and the inclusivity of the CBDC in an interview with Bloomberg, adding that the digital currency would ensure greater government accountability thanks to the ease of tracking public resources.
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