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Thread: What will the issuing of CBDC do for Jamaica?

  1. #1
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    Default What will the issuing of CBDC do for Jamaica?

    According to Wikipedia CBDC is a high-security digital instrument; like paper banknotes, it is a means of payment, a unit of account, and a store of value. And like paper currency, each unit is uniquely identifiable to prevent counterfeit. Digital fiat currency is part of the base money supply, together with other forms of the currency.

    I am really looking forward to this. No cash in hand. Transact anywhere anytime without changes for convenience - unlike a credit card. hough criminals will just start targeting everyone for their phones even more since that is where the money is.


    https://jis.gov.jm/boj-prepares-for-...ital-currency/
    "...men are that they might have joy."
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    Quote Originally Posted by leocrawf View Post
    According to Wikipedia CBDC is a high-security digital instrument; like paper banknotes, it is a means of payment, a unit of account, and a store of value. And like paper currency, each unit is uniquely identifiable to prevent counterfeit. Digital fiat currency is part of the base money supply, together with other forms of the currency.

    I am really looking forward to this. No cash in hand. Transact anywhere anytime without changes for convenience - unlike a credit card. hough criminals will just start targeting everyone for their phones even more since that is where the money is.


    https://jis.gov.jm/boj-prepares-for-...ital-currency/
    Phones will start having kill switches. Or dummy areas - which is already in place with the "guest" system. Let's see how it goes.
    Knowing the solution doesn't mean knowing the method. Yet answering correctly and regurgitation are considered "learning" and "knowledge".

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    I'm all for e-currencies but in a country where payroll direct deposits is a problem for many who either don't have a bank account or are barely literate this system could exclude many.
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    Quote Originally Posted by Chris View Post
    I'm all for e-currencies but in a country where payroll direct deposits is a problem for many who either don't have a bank account or are barely literate this system could exclude many.
    I agree with Chris on this one. Just have a look at the lines at the banks. Our people want to interact with a human being and feel the paper money in their hand middle. Jamaica has a long way to go.

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    Cash is pretty convienient and it burns easy. Its hard to beat something that is physical and easy to understand. Its like football.

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