Cabinet Approves Drafting Instructions for Digital Currency

Digital currency has been a major discussion in the Jamaican space recently as the Bank of Jamaica, (BOJ) seeks to explore this area. Addressing a virtual post-Cabinet press briefing on Wednesday, October 6, Minister of Education, Youth and Information, Fayval Williams, said the BOJ to be the sole authority to issue the CBDC.

This comes as following Cabinet’s approval; drafting instructions are to be given to the Chief Parliamentary Counsel for amendments to the Bank of Jamaica Act, to facilitate the issuance of the Central Bank Digital Currency (CBDC) by the BOJ.

Minister Williams noted that digital innovation has led to the birth of alternative payment instruments, prompting central banks across the world to embark on exploratory projects to study the potential for issuing a central bank-backed digital currency. She also noted that in Jamaica, the BOJ is driving this process.

Meanwhile, Cabinet also approved the project to refurbish and upgrade the Clarendon Parish Court in May Pen, Clarendon, as a part of the Public Sector Investment Programme (PSIP) and the provision of fiscal space for $40 million to begin its implementation during the 2021/2022 financial year.

Minister Williams said the Clarendon Parish Court, has begun to show notable signs of infrastructural degradation; as it have been constructed more than 50 years ago.

“In keeping with its strategic priority to establish a [sound] court infrastructure that supports effective operations, the Ministry of Justice seeks to undertake renovation and upgrading works at the Clarendon Parish Court in May Pen,” Minister Williams said.