The Case for Jam-Dex, Now!

A recent article in the Jamaica Observer by Janiel McEwan, an economic consultant, focuses on Jamaica’s central bank digital currency (CBDC), known as Jam-Dex ¹. Unusually not only does the article argue for increased usage of the CBDC, but it gives detailed suggestions for how to do this.

The case for Jam-Dex

The article starts by making the point that Jam-Dex is not some experimental app, it is the Jamaican dollar, issued one-to-one by the Bank of Jamaica (BOJ), and is fully backed legal tender since June 2022.

There are now a number of free wallets which people can upload Jam-Dex into, eg. Lynk at NCB, JN Pay at JN Bank, Sagicor. Money can be sent by scanning a QR or typing a number; money is received instantly at any time of day; there are no fees on person-to-person payments; money can be redeemed for physical cash at any branch or smart ATM; and no traditional bank account is required.