Most Jamaicans Will Switch to CBDC by 2027
Jamaican Prime Minister predicted that 70% of the population would be using CBDCs within five years.
In an interview with Bloomberg, Andrew Holness, Jamaican Prime Minister, said that more than 70% of Jamaicans will use the central bank digital currency by 2027. According to the World Bank, Jamaica has a population of almost 3 million people.
The introduction of CBDCs will help reduce banking costs. Moreover, the Prime Minister expects better control over financial resources and greater government accountability. Earlier, the Bank of Jamaica, in partnership with eCurrency Mint, successfully completed the CBDC pilot project, which lasted eight months. A nationwide rollout of digital currency is expected in Q1 2022. The government’s aim in this context is to provide citizens with access to digital devices and the Internet in general.