Cabinet Approves Drafting Instructions For Central Bank Digital Currency

Drafting instructions are to be issued to the Chief Parliamentary Counsel for amendments to the Bank of Jamaica Act, to facilitate the issuance of the Central Bank Digital Currency (CBDC) by the Bank of Jamaica (BOJ).

The move follows approval by Cabinet.

Addressing a virtual post-Cabinet press briefing on Wednesday (October 6), Minister of Education, Youth and Information, Hon. Fayval Williams, noted that the BOJ to be the sole authority to issue the CBDC.

“Digital innovation has led to the birth of alternative payment instruments, prompting central banks across the world to embark on exploratory projects to study the potential for issuing a central bank-backed digital currency. In Jamaica, the Bank of Jamaica is driving this process,” she said.

Cabinet also gave approval for the project to renovate and upgrade the Clarendon Parish Court in May Pen, Clarendon, to be included in the Public Sector Investment Programme (PSIP) and the provision of fiscal space for $40 million to commence its implementation during the 2021/2022 financial year.

She said the Clarendon Parish Court, having been constructed more than 50 years ago, has begun to show significant signs of infrastructural degradation.

“In keeping with its strategic priority to establish a [sound] court infrastructure that supports effective operations, the Ministry of Justice seeks to undertake renovation and upgrading works at the Clarendon Parish Court in May Pen,” Minister Williams said.