A phased rollout of JAM-DEX, Jamaica’s Central Bank Digital Currency (CBDC), is now under way while the process to amend the Bank of Jamaica Act (BOJA) progresses.
In a statement, the Bank of Jamaica (BOJ) noted that the National Commercial Bank (NCB) currently offers JAM-DEX through Lynk, its digital wallet.
“In this regard, anyone with Lynk will be able to transact using JAM-DEX with another Lynk wallet holder at a date to be advised by NCB,” the BOJ said.
The amendments to the BOJA will make CBDC legal tender and enshrine the Bank as the sole issuer.
The central bank encouraged members of the public to sign up for access to a digital wallet which offers JAMDEX and noted that other digital wallet providers are being assessed in the Bank’s Fintech Regulatory Sandbox in preparation for distributing JAM-DEX later this year.
According to the central bank, JAM-DEX, the digital form of Jamaica’s currency, is issued and backed by the BOJ and is safe, convenient and secure.