Jamaica: Kamina Johnson shares update on Bank of Jamaica (Amendment) Act, 2022

Jamaica: Senator and Minister of Foreign Affairs and Foreign Trade, Kamina Johnson Smith, has recently shared an update on the Bank of Jamaica (Amendment) Act, 2022 in the recent parliament session of the country.

Kamina Johnson has been candidature for the position of the Secretary-General of the Commonwealth 2022 from Jamaica.

The Parliament session has taken place on Friday, where the Minister of Foreign Affairs has mentioned about the situation in the Bank of Jamaica on Friday.

She took it to her social media handle to share the information about the following, where she stated that, “I was proud to pilot the Bank of Jamaica (Amendment) Act, 2022 in the Senate, which now allows the Bank of Jamaica to commence national issuance of the central bank digital currency #CBDC #Jamdex and empowers the Bank of Jamaica as the sole authority to issue CBDC as legal tender.”

She further added, “Our #CBDC is digital JM$ backed by the BOJ. It will be accessed thru an e-wallet issued by banks or authorized payment service provider, and is not the same as cryptocurrency, which is privately issued and generally not backed by a central bank.”

“#Jamdex #CBDC will work along with bank notes, allowing persons and businesses more efficient money management. The law also addresses matters such as #cybersecurity; #consumerprotection; and safeguards against unlawful surveillance or monitoring of individual transactions,” Senator Johnson said.

Minister Johnson further noted that, “The Government of Jamaica is working hard on #financialinclusion as a pillar of sustainable economic growth. All Jamaicans stand to benefit from policies and tech like #CBDC that increase access to financial services and encourage more innovation, growth and job creation.”