According to a statement by the Jamaican central bank, the pilot testing of its central bank digital money was successful. However, as per the report, only one payment service provider took part in the test. The claim by the BOJ follows the completion of an eight-month test run that commenced in May 2021.
"The scope of the CBDC pilot was limited to wallet providers who indicated their readiness to participate within the scheduled timeframe. National Commercial Bank [NCB] based on the extent of their experience in the Sandbox came onboard with BOJ to test the range of services to be offered using the CBDC solution."
Three activities were accomplished during the pilot phase. Over 57 customers conducted person-to-person, cash-in and cash-out transactions via "37 accounts and completed transactions with small merchants (local craft jewellers, footwear designers, and fashion and garment boutiques)."
Meanwhile, the CBDC's national rollout is now set to begin in the first quarter of 2022. During this time, NCB will "continue onboarding existing clients and new customers," as it is the only authorised payment service provider participating in the test phase. Two more wallet providers will order CBDC from BOJ and simultaneously distribute it to their consumers.
During this time, tests will be conducted to determine the interoperability of transactions between consumers of various participating wallet providers.