Jamaican central bank to airdrop Jam-Dex CBDC to early adopters
“Jamaica Digital Exchange” — Jamaica’s soon-to-be-released CBDC — will see citizens with crypto wallets receive a $16 deposit to help spread awareness and usage. The first 100,000 Jamaican citizens to use the country’s new central bank digital currency (CBDC) known as Jam-Dex, will be given a free $16 payment in the hopes of promoting widespread adoption. Jamaican prime minister Andrew Holness first announced the news in a Facebook post on Thursday. The post received a mixed response as some Facebook users praised Holness for “embracing a digital future”, while others expressed concern....
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The Caribbean country expects a nationwide CBDC rollout by the end of the first quarter of 2022. Central bank digital currency (CBDC) evolved into a hot topic in Jamaica when the country’s central bank successfully completed the first pilot test in early January.Following the tests, the country's prime minister, Andrew Holness, has spoken confidently about CBDC adoption in the country.Holness has predicted the majority of the Jamaican population would be quick to adopt the digital currency, with over 70% using the CBDC within five years. The Jamaican prime minister highlighted reduced....
While a number of countries are working on central bank digital currencies (CBDCs), on Tuesday, the Bank of Jamaica (BoJ) announced it will soon be piloting a CBDC project. The BoJ is working with a firm called Ecurrency Mint Incorporated and plans to pilot the cryptocurrency in May. Jamaican CBDC to Pilot this May Jamaica, the island country situated in the Caribbean Sea has plans to pilot a CBDC this May as it has been working with an “extensive procurement process.” The country’s central bank, the BoJ, has chosen a technology provider to help with the CBDC solution.....
The Jamaican central bank successfully completed the pilot testing of its central bank digital currency, a statement from the bank has said. The statement however reveals that only one payment service provider participated in the pilot.
Only One Payment Provider Participated in the Pilot
The Bank of Jamaica (BOJ) recently revealed that it had successfully completed the trial of its central bank digital currency (CBDC). The claim by the BOJ follows the completion of an eight-month test run that commenced in May 2021.
However, in a statement released on the last day of....
Jamaica’s new central bank digital currency, slated for launch early this year, aims to help address economic issues on the island nation. The Central Bank of Jamacia recently announced that it would be launching its central bank digital currency (CBDC), dubbed the Jamaican Digital Exchange, or Jam-Dex, in the first quarter of 2022. According to the Jamaican government, the national digital currency will help to lower transaction costs while allowing the unbanked to access financial services.It is estimated that over 17% of Jamaicans are unbanked, but it is feared that many more are....
The Jam-DEX is named after the Jamaican Digital Exchange following a competition. Its slogan is “no cash, no problem!” The Bank of Jamaica revealed the name of its upcoming central bank digital currency (CBDC) after a design competition, only to receive backlash from the local crypto community. The central bank of Jamaica announced on Twitter that it had chosen the name “Jam-DEX” along with the tagline and logo for its upcoming CBDC, scheduled for late 2022. While the project is promising, its name could be easily misconstrued as a decentralized exchange (DEX), and its logo is “terrible,”....