eCurrency, a central bank digital currency (CBDC) infrastructure support provider, has announced the extension of its existing arrangement with the Bank of Jamaica for a full rollout.
Jamaica and eCurrency have entered into a five-month partnership to explore a retail CBDC pilot known as JAM-DEX in August 2021. However, development into the project began in April, and whispers of a full-scale rollout may have prompted the signing. Long term partnership with Bank of Jamaica.
“The Bank of Jamaica is pleased to partner with eCurrency on the nationwide rollout of JAM-DEX to Jamaicans,” said Natalie Haynes, Deputy Governor. “JAM-DEX enables unbanked and unbanked citizens to become part of the formal financial system, thereby giving them access to other financial instruments. It will be a game changer in the country’s digital transformation.”
Jonathan Dharmapalan, CEO of eCurrency, explained that the partnership could improve the current situation in Jamaica’s financial sector, saying that the deal would improve Jamaica’s status as one of the leading countries in terms of CBDC development. said it would consolidate
Jamaica was one of the first countries to give legal backing to the digital version of its currency by promoting it to legal tender. Amendments to the Bank of Jamaica Act empowered the Central Bank to be the sole issuer of his CBDC with the ability to issue, distribute and redeem JAM-DEX.
Under the amended law, commercial banks will be empowered to distribute JAM-DEX to the public and the central bank will be involved in issuing the digital currency.
“We are honored to be a technology partner of the Bank of Jamaica CBDC,” said Dharmapalan. “Jamaica leads the world in issuing true his CBDCs, digital bearer deeds distributed alongside banknotes and coins.”
Trouble launching JAM-DEX
The Bank of Jamaica has highlighted several issues that could delay CBDC adoption ahead of its December 2023 launch. main challenge.
“The advantages are obvious, but without participation, any advantage there will not be achieved, so it’s a good idea to never show up. Congress.”
Currently, only the National Commercial Bank is fully operational to deploy CBDC, but the National Bank of Jamaica is developing a mobile wallet to support CBDC.
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