The Bank of Jamaica BOJ, has successfully completed the pilot for its digital currency and is preparing for the national roll out.

The 8-month pilot commenced in May and ended yesterday (December 31).

The pilot was limited to staff of the BOJ and a handful of customers from the National Commercial Bank, NCB.

The BOJ says the success of the pilot project was dependent on whether a Central Bank Digital Currency and its related technology, could be implemented in Jamaica.

On August 9, the BOJ minted 230 million dollars worth of digital currency, to be issued to deposit taking institutions and authorized payment service providers.

Then on August 10, the BOJ issued one million dollars worth of digital currency to its staff.

5 million dollars worth of digital currency was issued to the National Commercial Bank, on October 29, marking the first issuance to a deposit taking institution.

NCB then successfully on-boarded 57 customers, which included 4 small merchants and 53 consumers.

These customers conducted person-to person, cash-in and cash-out transactions, through 37 accounts and completed transactions with small merchants, through an NCB sponsored event, “market on the lawn” held last month.

Given the success of the pilot, the BOJ notes that the national roll-out of the Central Bank Digital Currency is scheduled for the first quarter of this year.

The roll out will continue with NCB and two additional wallet providers, which are now conducting virtual simulation testing.