Senate Approves Central Bank Digital Currency

The Bank of Jamaica (BOJ) has been given the authority to issue Central Bank Digital Currency (CBDC) as legal tender locally, with the Senate’s passage of the Bank of Jamaica (Amendment) Act, 2022 at Gordon House on Friday, June 3.

The Bill was passed in the House of Representatives on May 24.

Consequent to the legislation’s passage, the way has been paved for the BOJ to proceed with the national rollout of the CBDC – Jam-Dex.

The pilot was undertaken between August and December 2021.

Minister of Foreign Affairs and Foreign Trade and Leader of Government Business in the Upper House, Senator the Hon. Kamina Johnson Smith piloted the Bill during the Senate’s sitting.

She noted that full CBDC implementation is expected to significantly reduce traditional challenges associated with many Jamaicans not having a bank account.

Senator Johnson Smith said the implementation of the CBDC will address other challenges “because no bank account will be required”.

Senator Johnson Smith said the CBDC will also allow businesses to engage in more efficient cash management.

Following contributions by several members on both sides of the aisle, the Bill was passed unanimously without amendment.

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