Home Bitcoin News Financial institution Of Jamaica Says It’s Prepared To Roll Out The Jam-Dex CBDC

Financial institution Of Jamaica Says It’s Prepared To Roll Out The Jam-Dex CBDC

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Financial institution Of Jamaica Says It’s Prepared To Roll Out The Jam-Dex CBDC

The Jamaican authorities says it’s getting the whole lot prepared earlier than launching its central financial institution digital forex (CBDC), referred to as Jam-Dex.

The Financial institution of Jamaica, in a press launch this week, introduced that it has already chosen the identify, visible picture, tagline, and brand for CBDC, which is anticipated to be rolled out later this 12 months. Your entire branding of the brand new digital forex was determined following a public competitors to financial institution organized.

However the identify Jam-Dex is derived from Jamaican Digital Alternate, with the tagline “no money, no downside” proposed by Mr. Ashley Payner, based on the announcement. The winners of every entry have been awarded their value, with Ms. Payne taking house 6,000 Jamaican {dollars} for her entry for the tagline.

Pursuits In CBDCs Get Deeper in Jamaica

Jamaica is one in every of many different international locations which have made proposals to launch their CBDC as an alternative choice to the much-criticized cryptocurrencies. Many central banks have criticized crypto belongings however are in heavy assist of a CBDC which is alleged to be extra steady.

The choice by the Jamaican authorities has made it one of many international locations within the Caribbean to think about a CBDC. Up to now, solely the Jap Caribbean and the Bahamas have launched their respective CBDCs.

The Bahamas launched the area’s first CBDC, referred to as the Sand Greenback, in October 2020. 5 months later, the Easter Caribbean rolled out its model of the digital forex it calls Dcash.

In South America, solely Venezuela has efficiently rolled out its CBDC. Nevertheless, different international locations like Chile, Brazil, and Peru have put plans in movement to launch theirs quickly.

Alternatively, america, extensively anticipated to be spearheading the CBDC house, continues to be learning its feasibility. However El Salvador has taken a distinct method. Relatively than launching its digital forex, the Central American nation has embraced Bitcoin with full arms. It turned the primary nation to simply accept Bitcoin as a authorized tender when its authorities accredited the cryptocurrency for all sorts of funds final 12 months.

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