JAM-DEX phased rollout progresses, BOJ says

KINGSTON, Jamaica — The Bank of Jamaica (BOJ) says the phased rollout of JAM-DEX has progressed with the amendments to the Bank of Jamaica Act (BOJA) 2020 now being passed into law on June 14, 2022.

These amendments designate the bank 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”.

In a press release Wednesday, the central bank said that with these amendments, it 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, the National Commercial Bank offers JAM-DEX through LYNK®, its digital wallet.

The BOJ said other wallet providers are expected to come on board for the distribution of JAMDEX later this year.

It assured the public that JAM-DEX provides a safe, efficient and convenient way to pay for goods and services.

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