Jamaica Becomes First Country to Make a CBDC Legal Tender
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Jamaica’s central bank has officially recognized the “Jam-Dex” central bank digital currency (CBDC) as legal tender, becoming the first country to do so.
The Bank of Jamaica (BoJ) has legalized its CBDC in a move to provide an alternative to its cash-based economy.
According to reports, the Jamaican senate has authorized the central bank to issue its CBDC, known as the Jamaica Digital Exchange, or Jam-Dex. According to Bank of Jamaica Governor Richard Byles, the Jam-Dex will officially launch for domestic use later this month.
The digital Jamaican dollar “offers a more secure, convenient alternative to physical notes and coins, and can be used without a bank account,” Byles told Blockworks.
The Jam-Dex has been in a pilot testing phase since Aug last year. BeInCrypto reported earlier this year that it would be rolled out in Q1, but delays have pushed it into the second quarter.
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