Sun | Jan 23, 2022

Holness expecting growth in use of digital currency in Ja

Published:Friday | January 14, 2022 | 5:32 PM
Holness: “This will reduce banking costs, the cost of handling money and will allow for more accountability.” -File photo.

Prime Minister Andrew Holness has said that, within five years, about 70 per cent of the Jamaican population will be using digital currency.

“This will reduce banking costs, the cost of handling money and will allow for more accountability,” Holness disclosed during an interview today with Bloomberg News.

He said that the presence of digital currency is expected to bring more Jamaicans into the banking system.

While acknowledging that there may be challenges, he expressed confidence that having digital currency in Jamaica will be to the benefit of the country.

Regarding the overall financial industry in Jamaica, the Prime Minister noted that the entire sector is being digitalised.

Meanwhile, addressing the issue of the impact of the COVID-19 pandemic, Holness stated that the Jamaican economy has experienced a decline.

But he indicated that the government is expecting a rebound of the economy.

- Lester Hinds

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