Most Jamaicans will be using digital money by 2027, Prime Minister says

The majority of Jamaicans will be using digital currency within five years, as its central banks will roll out e-money by the first quarter of this year. — AFP

Jamaican Prime Minister Andrew Holness expects more than 70% 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 Friday, Holness said the central bank digital currency, or CBDC, will reduce banking costs, bring more people into the formal financial system and ensure greater government accountability, as makes it easier to track public resources.