JAM-DEX Phased Rollout Progresses

• The Bank of Jamaica has advised 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 June 14, 2022. 
• These amendments designate BOJ 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.

(Source: BOJ)