Jamaican Prime Minister predicts over 70% of country will use digital currency within five years

What

Jamaican Prime Minister Andrew Holness expects more than 70% of the population to be using the country’s digital currency within five years 

Why

This prediction comes as the central bank rolls out the e-money nationally during the first quarter of 2022

What next

Holness said the central bank digital currency, or CBDC, will reduce banking costs and bring more people into the financial system

The story

Jamaican Prime Minister Andrew Holness expects more than 70% of the population to be using the country’s digital currency within five years, as the central bank rolls out the e-money nationally during the first quarter of 2022. 

In an interview with Bloomberg TV, Holness said the central bank digital currency, or CBDC, will reduce banking costs and ensure greater government accountability, as it makes it easier to track public resources. 

Jamaica — along with the Bahamas and the Eastern Caribbean Central Bank — has become a global pioneer in creating digital currency. 

To find out more about stablecoins or central bank digital currencies visit our learning resource here.