May 11, 2022

Bank of Jamaica (the Bank) advises that a phased rollout of JAM-DEX, Jamaica’s Central Bank Digital Currency (CBDC), is currently underway while the process to amend the Bank of Jamaica Act (BOJA) progresses. Currently National Commercial Bank (NCB)  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 amendments to BOJA will make CBDC legal tender and enshrine the Bank as the sole issuer.

Members of the public are therefore encouraged to sign up for access to a digital wallet which offers JAM-DEX. Other digital wallet providers are being assessed in the Bank’s Fintech Regulatory Sandbox in preparation for distributing JAM-DEX later this year.

JAM-DEX, the digital form of Jamaica’s currency, is issued and backed by Bank of Jamaica and is safe, convenient and secure.

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Post Author: Editorial Team