Jamaica Joins Emerging Market Trend for Launching New E-Currency

The Bank of Jamaica minted $1.5 million worth of a new e-currency this week, joining a growing list of emerging markets betting on digital money to cut transaction costs and boost participation in the formal financial system.

Eventually, any Jamaican with a mobile phone will be able to use the digital cash, Bank of Jamaica Deputy Governor Natalie Haynes said in a telephone interview Thursday.

The new currency also cuts costs for monetary authorities by reducing the printing, security and distribution costs associated with physical cash, Haynes said.

The banks spends about $6.4 million a year acquiring bills and coins. ...