THE Bank of Jamaica (BOJ) has advised that the phased roll-out of Jam-Dex, Jamaica’s central bank digital currency (CBDC), is ongoing.

BOJ said National Commercial Bank (NCB) is offering Jam-Dex through its digital wallet, Lynk.

However, BOJ deputy governor in charge of banking and currency operations and financial markets infrastructure divisions, Natalie Haynes, told the Jamaica Observer that the central bank cannot fully roll-out Jam-Dex until amendments to the Bank of Jamaica (BOJ) Act are passed by lawmakers.

In a release, BOJ said the amendment process is currently underway and is progressing.

With regards to NCB’s mobile wallet Lynk, the BOJ advised that consumers will be able to transact using Jam-Dex with another Lynk wallet holder at a date to be advised by NCB.

The amendments to BOJ Act will make CBDC legal tender and enshrine the central bank as the sole issuer.

Members of the public are therefore encouraged to sign up for access to a digital wallet which offers Jam-Dex. Other digital wallet providers are being assessed in the BOJ’s Fintech Regulatory Sandbox in preparation for distributing Jam-Dex later this year.

Jam-Dex, the digital form of Jamaica’s currency, is issued and backed by Bank of Jamaica and is safe, convenient and secure.