The Bank of Jamaica (BoJ) has reportedly finalized the first pilot for its central bank digital currency (CBDC), and further aims to carry out a nationwide introduction in Q1 2022. 

Specifically, following the completed CBDC prototype testing in March this year, Jamaica’s central bank reportedly concluded a trial phase lasting for eight months on December 31st 2021. 

As included within the scope of the pilot, the BoJ reportedly conducted the minting of 230 million Jamaican dollars (JMD) ($1.5 million) equivalent to the CBDC for issuance to deposit-taking institutions and authorized payment service providers on Aug. 9, 2021.

The central bank then carries out the issuance of 1 million JMD ($6,500) equivalent to digital currency to the members working for the BoJ’s banking department.

On Oct. 29, the bank also sent out 5 million JMD ($32,000) in the form of CBDC to the National Commercial Bank (NCB) – among the top major Jamaica-based financial establishments. 

The NCB reportedly secured the leading spot in the nation, regarding being the first wallet provider to finalize a CBDC pilot, onboarding 57 customers, including four small merchants and 53 consumers.

Customers reportedly had the ability to carry out person-to-person, cash-in and cash-out transactions at an NCB-sponsored event in December last year. 

The BoJ reportedly now aims to go through with an introduction on a national scale in the first quarter of next year, with expectations to include two extra providers. 

These providers have already been carrying out virtual simulation testing and will have the power to order CBDC from BoJ and then distribute it to their customers.

The central bank additionally aims to direct its concentration towards interoperability, via running testing for transactions between customers of different wallet providers.