Jamaica is the most recent country to announce its plan for a sovereign digital currency, following similar attempts by the United States’ Federal Reserve and countries like Japan and Russia.
Going by a public statement released by the Bank of Jamaica on Tuesday, eCurrency Mint, a cryptography security organization has been chosen to work with the bank in the issuance of the new central bank digital currency (CBDC).
The project has been in the works since last year July after Jamaica’s national bank announced its willingness to work with innovative companies equipped enough to collaborate on the milestone project. Irish outfit, eCurrency Mint, has appeared to have caught the eye of the Central Bank, amongst the host of applications received last year.
Situated in Dublin, Ireland, eCurrency Mint is supposedly working with other national banks and other financial associations to create smart conventions for CBDC’s adoption and success in the near future.
Jamaica has highlighted the middle of next year for the commencement of its project, with eCurrency Mint set to start out as the national bank’s main CBDC provider. The time-conscious calendar for the new project is no surprise given the country’s past crypto leanings.
Like other Caribbean nations, Jamaica has a fairly liberal crypto and blockchain laws and has maintained open arms towards cryptocurrency startups in the past.
The new plans are the only testament to the country’s enduring vision for a digital future where they are not left behind.