KINGSTON, Jamaica – Finance Minister Dr. Nigel Clarke is Encouraging businesses to prepare for digital currency, which is expected to be launched in 2022 by the Bank of Jamaica.
“I would charge you, as leaders of customer service in Jamaica, to make sure that your enterprises are among the first to be equipped with the ability to accept this new form of payment,” said Clarke who was speaking at the Jamaica Customer Service Association Leadership Forum and Service Excellence Webinar on Wednesday.
“I encourage you to invest in the platforms that are necessary for this kind of innovation, so you can stay ahead of the curve and deliver that superior experience to your customer.”
The Minister further encouraged business representatives to maximize the influx of businesses expected by those entities that will be early in accepting the digital currency by gathering the knowledge needed now.
“Begin preparing for this reality [by] understanding central bank digital currency, understanding how your customer can access it, understanding how you can innovate and change your systems and change your processes to be able to accept central bank digital currency, and for you to expand your business using central bank digital currency.”
He highlighted that the central bank digital currency is a significant aspect of the customer service experience and will allow businesses to reach and attract new customers and retain existing ones.
With this major benefit to commerce and business, the Finance Minister said he is anticipating businesses’ innovation as they take advantage of this new payment methodology and revolutionize Jamaica’s commercial space.
The Ministry of Finance and the Public Service are facilitating the framework for amendments to the Bank of Jamaica Act to make the Central Bank the sole and exclusive digital currency issuer.
The pilot for the central bank digital currency will take place in the 2021 calendar year.
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