At now “Jam-Dex” – officially legal tender digital currency (CBDC) – Jamaica was the first country to adopt this.
According to Blockworks, the Bank of Jamaica (BoJ) has legalized its CBDC with the purpose of moving to offer an alternative in a cash-heavy economy — and buttress the finances of the unbanked.
According Jonathan Dharmapalan, CEO of eCurrency, which provides technology for central banks to issue and distribute CBDCs, Jam-Dex’s underlying technology and infrastructure works, but seeing citizens use the currency in the real world in the coming weeks and months will demonstrate the true value of CBDCs.
”You can use this to settle any debt in Jamaica. It is the medium of exchange. It is the medium of account. What is primarily important is that countries start to recognize that their money can come in digital form,- said Jonathan Dharmapalan. – Because it’s digital, you don’t have to be in the same place at the same time to execute a transaction…It’s a really, really powerful tool”.
“Jam-Dex” has been in a pilot since 2021.
We’ve reported that Singapore’s first wholesale digital bank GLDB is up and running.