In an effort to provide an alternative to its cash-based economy, the Bank of Jamaica (BoJ) has legalised central bank digital currency (CBDC), putting an end to months of rumours about its introduction.
The central bank of the island nation has approved “Jam-Dex” as legal money, making the Caribbean region the first nation to legalise CBDC. A total of ten nations, including Nigeria, the Bahamas with its “Sand Dollar,” and many Caribbean island states, have officially launched CBDC.
The BoJ has been awarded authority to issue Jam-Dex, or the Jamaica Digital Exchange, according to news reports from the Jamaican Senate. According to Bank of Jamaica Governor Richard Byles, Jam-Dex will be accessible for domestic use later this month.
Since August of last year, Jam-Dex has been undergoing pilot testing. According to the cryptocurrency news platform BeInCrypto, it was originally planned to begin in the first quarter of this year, but complications caused it to be delayed to the second quarter.
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