Jamaica introduces digital currency
Jamaica approves digital currency bill for the Jamaican Digital Exchange (Jam-Dex), issued by the Bank of Jamaica. This currency, available through the Lynk digital wallet, will not need a bank account or utilize blockchain technology. Jamaica joins other nations in adopting central bank digital currencies, with 10 currently in use and 105 under exploration or testing.
Jamaica’s Senate has unanimously passed a digital currency bill which authorises the Bank of Jamaica to issue and back a central bank digital currency. The currency has been named the Jamaican Digital Exchange, or Jam-Dex.
Jam-Dex will be available directly through a digital wallet – Lynk, which will be issued by banks or authorised payment service providers. It will not require an associated bank account and will not use blockchain. Jamaica joins other countries that are pioneering central bank digital currencies (CBDC)- which are publicly issued and regulated. CBDC can be exchanged dollar-for-dollar with the paper currency of the country. According to a tracker by Atlantic Council, there are 10 CBDCs in use, while 105 are exploring or testing CBDCs.
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