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<ul class="summary-list"><li><keyword id="11909321" type="UNKNOWN" weightage="60" keywordseo="jamaica" source="Orion">Jamaica</keyword> is rolling out its <keyword id="11939356" type="UNKNOWN" weightage="60" keywordseo="central-bank-digital-currency" source="Orion">central bank digital currency</keyword> in the first quarter of 2022 after a successful pilot.</li><li>The testing began in May and concluded in December, the <keyword id="12873824" type="UNKNOWN" weightage="60" keywordseo="bank-of-jamaica" source="Orion">Bank of Jamaica</keyword> said.</li><li>Bank of Jamaica worked in partnership with <keyword id="12086982" type="UNKNOWN" weightage="60" keywordseo="digital-currency" source="Orion">digital currency</keyword> vendor eCurrency Mint.</li></ul>Jamaica is rolling out its central bank digital currency in the first quarter of 2022 following a successful pilot, the <a href="https://jis.gov.jm/bank-of-jamaicas-cbdc-pilot-project-a-success/">Jamaican government said</a> Friday.After the announcement of a prototype <keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="cbdc" source="Orion">CBDC</keyword> in March, the pilot began in May and concluded in December. The Bank of Jamaica worked in partnership with digital currency vendor eCurrency Mint. The country's National Commercial Bank was also part of the pilot to test the range of services to be offered.The services tested included minting $1.5 million worth of <keyword id="12197645" type="UNKNOWN" weightage="60" keywordseo="cbdcs" source="Orion">CBDCs</keyword>, issuing them to wallet providers, and distributing the <keyword id="11894540" type="UNKNOWN" weightage="60" keywordseo="digital-currencies" source="Orion">digital currencies</keyword> to retail customers. During the pilot, NCB was the first wallet provider to be issued CBDCs and onboarded four small merchants as well as 53 consumers.For the full rollout, NCB will onboard new customers, allow two additional wallet providers to order CBDCs from the central bank, and test transactions between customers of wallet providers.A CBDC is a type of central bank liability -- similar to a currency -- issued in digital form, which could be used by the general public. It has the full backing of the central bank but could be managed by designated private financial institutions.For now, 87 countries are exploring their own CBDCs, and 14, including major economies like China and South Korea, are in the pilot stage, according to a tracker by the <a href="https://www.atlanticcouncil.org/cbdctracker/" target="_blank" rel="noopener">Atlantic Council</a>. Nine have already fully launched them.Of the countries with the four largest central banks -- the Federal Reserve, the European Central Bank, the Bank of Japan, and the Bank of England -- the US is the furthest behind, according to the tracker.

Jamaica is rolling out its central bank digital currency in the 1st quarter of 2022 after a successful pilot

<ul><li><keyword id="2723" type="COUNTRY" weightage="20" keywordseo="Venezuela">Venezuela</keyword>'s local currency, the bolivar, is getting redenominated in October.</li><li>Banco de Venezuela will also launch the country’s central bank <keyword id="1624829" type="PERSON" weightage="20" keywordseo="digital-currency">digital currency</keyword> (CBDC) as a part of the country's monetary makeover.</li><li>The digital bolivar will use an SMS-based exchange system to facilitate payments and transfers between users.</li><li>For a country facing hyperinflation, a centralised digital currency could be a temporary solution for its cash issuance problems.</li></ul>Venezuela is giving its national currency, the bolivar, a makeover in October. In addition to redenomination, the country’s central bank plans to launch its central bank digital currency (CBDC) — the digital bolivar. The Latin American country known for its oil reserves plans to launch a new one bolivar coin, bank notes with denominations between 5 to 100 Bs. The digital bolivar will be circulated in the economy too. According to the bank’s <a href="http://www.bcv.org.ve/comunicado-bolivar-digital">announcement</a> today, the digital bolivar will use an SMS-based system for making payments and transfers between users. <div type="ExtQuote" text="The bolivar will not be worth any more or any less, in order to facilitate its use, it is being taken to a simpler monetary scale." auname="Statement by Banco de Venezuela"></div> The country’s new 100 bolivar note is equivalent to 100,000,000 of its current bolivar. This is the third time the country’s government has made an adjustment to its <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">currency</a> over the past 12-13 years. Late President Hugo Chavez had made a 1000-to-one change in 2008, while his successor Nicolas Maduro made a 100000-to-one change in 2018. This time, the adjustment is a million-to-one. The country’s new 100 bolivar note is equivalent to 100,000,000 of its current bolivar. This is the third time the country’s government has made an adjustment to its <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">currency</a> over the past 12-13 years. Late President Hugo Chavez had made a 1000-to-one change in 2008, while his successor Nicolas Maduro made a 100000-to-one change in 2018. This time, the adjustment is a million-to-one. <cmsannotation type="cmsannotation" annotationid="CBDC is part of modernizing economy" comment="subhead" text="CBDC is part of modernizing economy">CBDC is part of modernizing economy</cmsannotation> The CBDC is part of Maduro’s plans to modernize the country’s economy. In February, he <a href="https://www.elnacional.com/venezuela/maduro-anuncia-el-bolivar-digital-sin-dar-muchos-detalles/">said</a> that the digital bolivar was part of his plans to completely digitize the country’s economy by the end of the year. He said Venezuela’s economy had been 77% digitized during 2020. He was also the man behind a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto token</a> called Petro — a digital currency Maduro claims is backed by Venezuela’s rich oil reserves — launched in 2018. However, the experiment was far from successful. The digital currency was shunned as a joke despite his best efforts to force the locals to use it. The redenomination comes in the face of hyperinflation. According to the central bank, the country saw 3000% inflation in 2020 and 9500% during 2019. Inflation is so bad that the everyday economy now works mainly in dollars. Many stores have been listing prices in the US dollar rather than in bolivar. The high levels of inflation mean that there isn’t enough cash to go around. The introduction of a CBDC could be a band-aid to Venezuela’s cash issuance problems. <cmsannotation type="cmsannotation" annotationid="Who else is considering a CBDC?" comment="subhead" text="Who else is considering a CBDC?">Who else is considering a CBDC?</cmsannotation> Venezuela is amongst the first countries to launch a state-run digital currency, but it certainly won’t be the last. Countries like the United States (US), India, United Kingdom, Australia, Brazil and more have been exploring the option. While the UK, US, Russia, Canada and more are in advanced stages of developing their CBDCs, countries like India, Australia, Brazil, Chile, and many others are only considering it. According to a <a href="https://www.businessinsider.in/cryptocurrency/news/the-number-of-countries-exploring-cbdcs-more-than-doubled-during-the-pandemic-year/articleshow/84754157.cms">report</a> by an American think tank, the Atlantic Council, 19 countries have already fully launched their CBDC. This includes countries like China, Eastern Carribean and Jamaica that are conducting pilot programs. Others like Bahama have completed the process and are already using CBDCs in their economies. 14 countries are running pilot programs, while 5 have launched them already. Cambodia, for instance, is looking to wean its economy off the dollar with <a href="https://www.businessinsider.in/cryptocurrency/news/cambodia-is-leading-the-race-to-launch-a-centralised-cryptocurrency/articleshow/85065661.cms">Bakong</a>, its homegrown CBDC. Since the launch of its digital currency in October last year, it has been able to amass 5.9 million users and saw 1.4 million transactions worth $500 million during the first half of 2021. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword>, engage in interesting discussions and stay ahead of the curve. <cmsannotation type="cmsannotation" annotationid="CBDC is part of modernizing economy" comment="subhead" text="CBDC is part of modernizing economy"> </cmsannotation>SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/apple-pay-and-google-pay-are-coming-to-coinbase-allowing-users-to-buy-cryptocurrencies/articleshow/85096650.cms">Coinbase now lets you purchase crypto via Apple Pay, Google Pay option to arrive soon as well</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/google-is-allowing-crypto-ads-again/articleshow/85033865.cms">Google is bringing back crypto ads — but is leaving a lot of crypto companies out of the loop</a>

Venezuela is set to launch its government-backed digital currency in October as the bolivar gets a makeover

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Jamaica is rolling out its central bank digital currency in the 1st quarter of 2022 after a successful pilot

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Venezuela is set to launch its government-backed digital currency in October as the bolivar gets a makeover

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