Jamaica’s New Digital Currency: Should We Expect Cryptocurrencies To Be A Fundamental Option For All Transactions In The Future?

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News Americas, NEW YORK, NY, Mon. Mar. 7, 2022: For around seven months, Jamaica trailed out a new central bank digital currency, which is often referred to as CBDC. After this pilot was said to be successful by the Bank of Jamaica, it has now been decided that the country will enjoy its own digital currency. This is due to start in the first quarter of this year.

Indeed, Jamaica is now one of many countries that are trying to introduce their own digital currencies. Around 90 countries right now are looking to expand on the pilot schemes they are conducting. While CBDCs are slightly different to other cryptocurrencies, they are still digital assets, and this may show the future of currency. Let’s take a closer look at this topic.

Trialing New Digital Currency

Digital currency is something that a lot of people are exploring. Indeed, Jamaica has been trialing this system for a while and after this study, they believe it could be beneficial for their country. It offers a new way for people to pay, with the ability to start a digital wallet. Customers will deposit money into this digital wallet, and this will be exchanged. They will receive the new digital currency, and this can be used in everyday transactions.

Over time, it is likely that more companies and brands in Jamaica will accept digital currency. For instance, there is already a range of companies online that accept digital currencies as payment, whether this is to purchase clothing, industrial machinery, food or even to play shoot-em-up games and online casino games. As more people start to use digital currencies, the more businesses will offer them for transactions and this could lead to a shift away from traditional ways to pay in the future.

There are said to be a string of benefits for people that are using digital currencies. Namely, they can look forward to lower transaction costs. In addition, if there are citizens in Jamaica that do not use a bank, digital currency can be the way forward for them and make their life a lot easier.

The Future is Digital

Will we see a takeover in the future when it comes to digital currency? Indeed, this is something that is possible. Since the pilot scheme has been successful in Jamaica and there is going to be the rollout starting in 2022, representatives are saying that they are going to introduce a new digital currency every year moving forward. In particular, this is going to replace around five per cent of Jamaican dollars. So, this looks like a move away from dollars and into the world of digital currency. If this is going to be happening in Jamaica, it is likely to be a move that other countries follow too.

We will have to wait and see how this new digital currency takes off in Jamaica. The trial did seem to be successful and this new introduction in 2022 will be exciting and novel to a lot of people. Whether it will stand the test of time, we will need to wait and see.