The Bank of Jamaica (BOJ) says a court order is needed in order to start tracing the turnover of CBDC (central bank digital currency). According to the Jamaica Observer, the central bank faces limitations in supervision as customers' data is protected by the local law.
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"This information [users' transactions] can only be shared under a court order. Bank of Jamaica will only capture general data for economic analysis," a spokesperson for the BOJ told the Jamaica Observer.
The bank's comments follow the minting of Jamaica's first batch of CBDC. As iHodl recently reported, the bank wants to issue a total of $1.4 million in CBDC to deposit-taking institutions and authorized payment service providers during the CBDC pilot exercise which ends in December.
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