Finance Minister Encourages Businesses To Prepare For Digital Currency

Minister of Finance and the Public Service, Dr. the Hon. Nigel. Clarke, is encouraging businesses to prepare for digital currency, which is expected to be launched in 2022 by the Bank of Jamaica.

Dr. Clarke was speaking at the Jamaica Customer Service Association Leadership Forum and Service Excellence Webinar on April 14.

“I would charge you, as leaders of customer service in Jamaica, to make sure that your enterprises are among the first to be equipped with the ability to accept this new form of payment,” the Minister said.

“I encourage you to invest in the platforms that are necessary for this kind of innovation, so you can stay ahead of the curve and deliver that superior experience to your customer,” Dr. Clarke added.

The Minister further encouraged those business representatives present to maximise on the influx of businesses expected by those entities that will be early in accepting the digital currency, by gathering the knowledge needed now.

“Begin preparing for this reality [by] understanding central bank digital currency, understanding how your customer can access it, understanding how you can innovate and change your systems and change your processes to be able to accept central bank digital currency, and for you to expand your business using central bank digital currency,” Dr. Clarke said.

He highlighted that the central bank digital currency is a significant aspect of the customer service experience and will allow businesses to not only reach and attract new customers but also retain existing ones.

With this major benefit to commerce and business, the Finance Minister said he is anticipating the innovation of businesses as they take advantage of this new payment methodology and revolutionise the commercial space in Jamaica.

The Ministry of Finance and the Public Service is facilitating the framework for amendments to the Bank of Jamaica Act to make the Central Bank the sole and exclusive issuer of digital currency.

The pilot for the central bank digital currency will take place in the 2021 calendar year.