After an extensive procurement process, the technology provider chosen to support BOJ in testing a central bank digital currency (CBDC) solution in the Bank’s Fintech Regulatory Sandbox for a pilot in May to end December 2021 is eCurrency Mint Incorporated.
BOJ OPENS DOOR TO CENTRAL BANK DIGITAL CURRENCY Read the press release here:https://t.co/7ZaWeOQ6xv#BOJSpeaks #FinanceTwitterJA pic.twitter.com/uFEco1Ck6B — Bank of Jamaica (@CentralBankJA) July 19, 2020
Jamaica’s central bank is the latest country making its footprint towards issuing its own sovereign digital currency with eCurrency Mint, a project announced back in July 2020. Ireland based tech firm, eCurrency Mint will be contributing in the digital currency issuance in the launch of the national CBDC in 2022. As per the press release “eCurrency Mint is a global thought leader and pioneer of the hardware, software, and cryptographic security protocol technology to enable central banks to securely issue, distribute and supervise CBDC, a digital fiat currency that will operate alongside notes and coins as digital legal tender.”
eCurrency Mint is engaged with central banks, international finance organizations to develop protocols for CBDC implementation. The central bank, Bank of Jamaica happened to call out the tech solution providers for their inputs regarding the CBDC project by submitting applications back in July 2020.
Jamaica possess liberal crypto regulation laws with the nation’s Stock Exchange that participates in cryptocurrency trading. The CBDC efforts is almost an ongoing process in many of the countries, many are working on a blockchain-based sovereign digital currency project. Asia’s largest economies are progressive with their CBDC development projects. Also, banks in China have introduced digital wallets for the country’s digital currency electronic payment project.