Regulatory Alerts2022-01-01
Bank of Jamaica (Amendment) Act 2022
The Parliament of Jamaica enacted this legislation to amend the Bank of Jamaica Act by formally recognizing central bank digital currency as legal tender and monetary liability. The Bank of Jamaica is granted exclusive authority to issue, mint, store, and redeem digital currency while being empowered to establish minimum cyber security standards for financial intermediaries. Additionally, the Act authorizes the Bank to create regulations governing public usage of digital currency, consumer protection, and data privacy, subject to affirmative parliamentary resolution.
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