{"headers":{"Content-Type":"application\/x-www-form-urlencoded"},"body":"source_lang=&target_lang=NL&tag_handling=xml&split_sentences=1&preserve_formatting=1&text=Bank+of+Jamaica+intends+to+roll+out+CBDC+in+the+next+month&text=According+to+reports%2C+the+Bank+of+Jamaica+plans+to+launch+a+sandbox+test+of+a+national+central+bank+digital+currency+%28CBDC%29+in+August.&text=The+Central+Bank+of+Jamaica+will+be+rolling+out+its+initial+plans+of+a+central+bank+digital+currency+%28CBDC%29+as+early+as+next+month%2C+according+to+reports.+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0A%3Ca+href%3D%22https%3A%2F%2Fwww.jamaicaobserver.com%2Fbusiness-observer%2Fboj-to-pilot-digital-currency-roll-out-in-august_225360%3Fprofile%3D1056%22%3EAs+per+local+media+outlet+Jamaica+Observer%3C%2Fa%3E%2C+the+Bank+of+Jamaica+will+be+launching+an+official+pilot+of+the+national+%3Ca+title%3D%22Is+Crypto+Trader+A+Scam%3F%22+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Fcrypto-trader-review%2F%22+data-replaced%3D%22true%22%3Ecryptocurrency%3C%2Fa%3E+in+August%2C+within+a+%22sandbox%22+environment+initially.+According+to+a+note+announced+during+a+Rotary+Club+event%2C+the+bank%27s+Governor+Richard+Byles+explained+the+plans+of+the+CBDC+rollout%2C+saying%3A+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0A%3Cem%3E%E2%80%9CWe%27re+currently+looking+at+all+the+technical+sides+of+the+system+and+we+have+a+sandbox+in+the+bank+that+we+have+the+whole+infrastructure+in.+As+we+work+through+the+technical+minting+%5Bredeeming%5D+of+the+currency%2C+we+have+to+test+it+rigorously+as+a+pilot+and+that+we%27ll+do+in+August.%22+%3Cstrong%3EBold%3C%2Fstrong%3E%3C%2Fem%3E%0A%0AHe+continued+to+note+that+the+plan+is+to+expand+the+project%2C+invite+more+banks+on+board+the+plan%2C+and+eventually+launch+the+CBDC+to+the+country.+He+offered%3A+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0A%3Cem%3E%E2%80%9CIn+September+to+December+we%27ll+be+recruiting+more+of+the+banks+to+come+on+board+and+then+we%27ll+gradually+expand+the+pilot+out+into+a+full-fledged+launch+of+the+CBDC.%22%3Cstrong%3EBold%3C%2Fstrong%3E%3C%2Fem%3E%0A%0AByles+also+noted+that+the+CBDC%2C+which+is+not+designed+to+act+in+the+same+way+as+private+cryptocurrency+and+digital+projects%2C+will+be+sold+to+commercial+banks%2C+as+well+as+deposit-taking+institutions+and+other+payment+service+providers+authorised+by+the+Central+Bank.+This+means+that+the+CBDC+will+be+regulated+fully+under+the+Bank+of+Jamaica+and+will+be+treated+in+the+same+way+as+traditional+tender%2C+with+the+benefits+of+being+blockchain-based+and+enjoying+the+security+thereof.+Byles+explained+that+those+buying+the+national+currency+will+be+able+to+at+a+1%3A1+ratio+to+the+dollar.+He+stated%3A+%3Cstrong%3EBold%3C%2Fstrong%3E%0A%0A%22%3Cem%3EThe+financial+institutions+will+mint+and+sell+CBDC+to+businesses+and+individuals+at+a+rate+of+%241+in+cash+to+1+CBDC.+However%2C+the+financial+institutions+will+hold+the+CBDC+in+digital+wallet+accounts+at+their+respective+banks+for+customers+to+access+in+order+to+make+purchases%2C+or+receive+payments+from+mobile+phone+to+mobile+phone.%22%3C%2Fem%3E%0A%3Cdiv+id%3D%22taboola-mid-article-reco-reel%22+class%3D%22+trc_related_container+trc_spotlight_widget+trc_elastic+trc_elastic_rec-reel-2n5-a+%22+data-placement-name%3D%22Mid+Article+Reco+Reel%22%3E%0A%3Cdiv+class%3D%22trc_rbox_container+story-widget+tbl-story-desktop+%22%3E%0A%3Cdiv%3E%0A%3Cdiv+id%3D%22trc_wrapper_40803%22+class%3D%22trc_rbox+rec-reel-2n5-a+trc-content-sponsored+%22%3E%0A%3Cdiv+id%3D%22trc_header_40803%22+class%3D%22trc_rbox_header+trc_rbox_border_elm%22%3E%0A%3Cdiv+class%3D%22trc_header_ext%22%3E%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3Cdiv+id%3D%22taboola-mid-article-reco-reel%22+class%3D%22+trc_related_container+trc_spotlight_widget+trc_elastic+trc_elastic_rec-reel-2n5-a+%22+data-placement-name%3D%22Mid+Article+Reco+Reel%22%3E%0A%3Cdiv+class%3D%22trc_rbox_container+story-widget+tbl-story-desktop+%22%3E%0A%3Cdiv%3E%0A%3Cdiv+id%3D%22trc_wrapper_40803%22+class%3D%22trc_rbox+rec-reel-2n5-a+trc-content-sponsored+%22%3E%0A%3Cdiv+id%3D%22trc_header_40803%22+class%3D%22trc_rbox_header+trc_rbox_border_elm%22%3E%0A%3Cdiv+class%3D%22trc_header_ext%22%3E%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E%0A%3C%2Fdiv%3E","timeout":15}