Bank of Jamaica (the Bank) is reminding the public of the potential risks of using or investing in cryptocurrencies, as stated in previous advisories from the Bank. Cryptocurrencies are digital currencies that are not issued or guaranteed by a central bank or a monetary authority. In addition, cryptocurrencies are not legal tender in Jamaica. Bank of Jamaica does not regulate...

Bank of Jamaica (BOJ) Governor, Richard Byles, says stakeholder endorsement and support will be crucial to the successful implementation of the proposed central bank digital currency (CBDC). Key among these interests that Mr. Byles has identified are the Government, merchants, and consumers. “The world is looking at us… with [our development of a] central bank digital currency [to determine whether]...

Bank of Jamaica (BOJ) Governor, Richard Byles, says work is being finalised to commence pilot implementation of the proposed central bank digital currency (CBDC) locally, in August. Mr. Byles indicated that technical support for the CBDC’s rollout, among other inputs, are being reviewed to facilitate onboarding of the first financial institution – National Commercial Bank (NCB) – to test the...

The International Monetary Fund (IMF) is among several global institutions taking keen interest in the proposed introduction of a central bank digital currency (CBDC) in Jamaica. Governor of the Bank of Jamaica (BOJ), Richard Byles, says other notable interests include the Bank of International Settlements, the United States Federal Reserve System, and the Central Bank of Lithuania. The BOJ is...

The Bank of Jamaica (BOJ) has said that the regulatory framework already exists within the financial sector to allay concerns about the introduction of a central bank digital currency (CBDC). Speaking in a recent Jamaica Information Service (JIS) ‘Get the Facts’ television interview, Director of the BOJ’s Payment System Policy & Development Department, Mario Griffiths, addressed concerns about the risks...

In a bid to increase economic activity and spur economic recovery from the coronavirus (COVID-19) pandemic, the Government is seeking to attract investments in the country through amendments to the Casino Gaming legislation. This is under the Casino Gaming (Amendment) Act, 2021, which was approved in the House of Representatives on Tuesday (June 29). Minister of Finance and the Public...

Bank of Jamaica (BOJ) announces its decision to hold the policy interest rate (the rate offered to deposit-taking institutions on overnight placements with BOJ) unchanged at 0.50 per cent per annum. In general, monetary policy decisions taken by Bank of Jamaica are aimed at ensuring that the annual increase in the prices of consumer goods and services (i.e. inflation) remains...