- CBDC is money issued by BOJ in digital form.
- CBDC is not held in a bank account, it is held in a CBDC wallet that is issued by banks or authorized Payment Service Providers.
- Just as is the case with cash in your wallet, you don’t earn interest on CBDC in your CBDC wallet.
- CBDC can be exchanged 1-for-1 with bank notes and coins.
No. CBDC is not cryptocurrency. CBDC is the digital version of the currency of the country. It is legal tender and is issued and regulated by the country’s central bank. Cryptocurrency is privately issued and is not backed or regulated by a central bank.
To get a CBDC wallet contact a Wallet Provider – commercial bank, building society, merchant bank or authorized payment service provider. You will be asked to provide basic information such as:
- Taxpayer Registration Number
- Provide a valid, government issued picture ID
There is no cost associated with CBDC or CBDC wallets. You don’t even have to put money in your wallet when you open it.
- There are no fees.
CBDC will reduce your costs as there are no fees charged for CBDC transactions – payments and transfers.
CBDC will reduce the costs for merchants and banks as the costs associated with the handling and securing of cash are no longer an issue.
- No bank account is needed for you to use CBDC.
You don’t need to have, or open, a bank account to get a CBDC wallet.
- CBDC will allow for financial inclusion.
By using CBDC persons who are unbanked, (do not have a bank account) or are underbanked, can become a part of the financial system. Getting a CBDC wallet will be easier than opening a bank account. By spending, transferring and receiving CBDC these persons create a transaction history that can be used to gain access to loan financing.
- Using CBDC is efficient
You can transfer money and make and receive payments without being in the same place as the other person.
Anyone can use CBDC, including children. For children to access CBDC, their parent or guardian will need to get it for them.
No. CBDC gives you another option to spend and make transfers. If you use cash, credit cards, debit cards or online transfers, you may continue to do so while also using CBDC.
Yes, CBDC is safe and secure! CBDC has anti-counterfeiting features and is resistant to hacking and tampering. There is a robust cyber-security framework to ensure that CBDC is kept secure.
Your Wallet Provider is the only entity that will have access to your information and be able to see your transactions. Your Wallet Provider will ensure that your data is protected and kept private. When conducting transactions using CBDC your identity is not recorded. The system only records the value of the transaction for authentication purposes. Your Wallet Provider may share your information only if the authorities require that this information be released due to a breach in Anti-Money Laundering or Counter Financing of Terrorism.
Once you have opened your CBDC wallet by going to a commercial bank, building society, merchant bank or authorized payment service provider you can add money to your CBDC wallet. Methods to top up your CBDC wallet include:
- Going to any Wallet Provider to add CBDC to your CBDC wallet
- Transferring funds from your bank account to your CBDC wallet
- Using a Smart ATM
- Transferring CBDC from another wallet
To make payments simply scan the QR code or enter the wallet ID of the person who you wish to transact with, then enter the amount you want to send. To receive payments provide your QR code or wallet ID and confirm receipt after the amount has been received.
You can use a Smart ATM or go to any Wallet Provider to convert your CBDC to cash.
No. There is no cost to you when using your phone for CBDC transactions.
CBDC can be used anywhere in Jamaica that CBDC wallet services are available or the counterparty has a CBDC wallet.
Yes, if your Wallet Provider provides this service.
No. CBDC can be used 24 hours per day, 7 days per week and 365 days per year.
Please contact your Wallet Provider if you have any issues with CBDC.
When you CBDC you are spending receiving and transferring the funds available in your digital wallet. Online banking allows you to spend, receive and transfer the funds available in your bank account.
No, CBDC can be used 24 hours per day, 7 days per week, 365 days per year.
E-money refers to electronic money issued by a financial institution licensed to do so, while CBDC is a digital currency issued by a central bank. E-money can only be used amongst persons who are customers of the same financial institution while CBDC is interoperable i.e it can be transferred between persons who have a digital wallet, that uses CBDC irrespective of the Wallet Provider.
No, CBDC is issued and therefore secured by Bank of Jamaica. Under certain conditions, if the Wallet Provider is unable to pay, BOJ will reimburse 100% of CBDC funds directly to customers based on their preferred means of payment i.e. CBDC in a digital wallet of another Wallet Provider or transfer to their regular bank account.
No, CBDC, like banknotes and coins, is for Jamaica Dollar transactions only – payments and transfers.