Finance Minister Dr Nigel Clarke has announced an ambitious plan for the rollout of a Central Bank-backed digital currency in Jamaica.

The digital currency would enable people to store value and buy goods and services without the need for actual cash. All that would be required is a cellphone.

“You are going to be able to pay for sky juice with your phone. The  pan  chicken  man  will  be  able  to  get  paid  with  digital  currency  on  his phone  that  he  will  be  able  to  use  to  buy  school  books  at  the  store. The potential exists for the  NIS  pensioner to not have to join a  long line at the post office.  She will be able to receive her  NIS  pension on her phone and use  it  to  buy  goods  as  she  pleases,”

Clarke said as he opened the 2021-2022 Budget Debate in Parliament on Tuesday. 

The minister said that the creation of the digital currency will  bring  the  benefits  of  financial  inclusion  to  tens  of  thousands  of  Jamaicans, many of whom do not have bank accounts.

“With  the  Central  Bank  digital  currency,  more  people  will  be  included  in  the  financial system.  It  will  allow  for  more  innovation  in  the  financial  services  and  will  provide  the foundation  for  the  digital  transformation  of  the  economy,”

Clarke said.

He told parliament that a pilot for the use of digital currency will take place this year. It is expected to end in  December  2021 with a roll out in early  2022.