Polish banks working to create digital currency | Jamaica has decided to launch CBDC

Polish National Bank and the largest bank in the country, PKO BP, are working on the implementation of blockchain projects focused on the creation of the state digital currency (CBDC).

Polish banks are working to create a national digital currency

The central bank’s management is known for its skepticism about the central bank’s digital currencies. Specifically, in August 2021, Marta Hajek, a member of the bank’s board, said that the organization was not developing a digital zloty due to “lack of systems that 100% guarantee the security of the use of virtual currencies.”

However, judging by a bank press release, the position has been revised and the ruling of the CBDC is being discussed:

Many central banks, including the Central Bank of Poland, are intensifying their work on creating the national digital currency.

This year, the bank will present a report on the feasibility of issuing a digital zloty. In the event of a positive verdict, the department will move on to the next phase of the CBDC development plan implementation.

PKO BP has also become interested in the virtual currency and recently applied for registration of the trademark of the digital asset PLCOIN. In 2020, about 11 million people used the company’s services, who had $ 77 billion in their accounts. Accordingly, PLCOIN has a broad potential client base.

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Following a successful pilot project, the country will launch its own digital currency in the first quarter of 2022, the Central Bank of Jamaica said.

After successful testing, the Central Bank of Jamaica decided to launch CBDC

The pilot project of the prototype of the central bank’s digital currency began in May 2021 and ended with 31. December 2021.

As part of the Bank of Jamaica’s testing, the CBDC was used for use by wallet providers and retail clients. In total, $ 1.5 million in digital currency entered the market.

During the pilot project, users made various deposits and cash withdrawals, as well as transactions at local jewelry stores, fashion boutiques and social events.