May 29, 2022

Bank of Jamaica (the Bank) is pleased to advise that the phased rollout of JAM-DEX has progressed with the amendments to the Bank of Jamaica Act (BOJA) 2020 being passed into law on 14 June 2022.

These amendments designate the Bank as the sole authority to issue Central Bank Digital Currency (CBDC), JAM-DEX, which is now legal tender. With the amendments, all references to “notes and coins” are now expanded and replaced with, “notes, coins and central bank digital currency”.  

Given these amendments the Bank can now advance the national issuance of CBDC and in that regard, members of the public are encouraged to sign up for a digital wallet which facilitates access to JAM-DEX. Currently, National Commercial Bank offers JAM-DEX through LYNK®, its digital wallet. Other wallet providers are expected to come on board for the distribution of JAM-DEX later this year. JAM-DEX provides a safe, efficient and convenient way to pay for goods and services.

–     30     –   

Post Author: Editorial Team