Meet JAM-DEX: Jamaica’s new Digital currency

New currency will move Jamaica into the digital age

JAMAICA HAS revealed the name of its own central bank digital currency (CBDC), after a design competition. 

The Bank of Jamaica announced Jam-Dex is the chosen name for the Caribbean country’s new digital currency. 

The name is believed to be derived from the Jamaican Digital Exchange and will be Jam-Dex for short. 

In a statement, the Bank of Jamaica said: “The winning logo utilises the very distinctive outline of Jamaica’s national fruit and national dish key ingredient, the ackee.”

The slogan for the new initiative is “no cash, no problem!” 

The winning name and design was chosen by the central bank. 

Ashley Payne won the competition for both the name and tagline and scooped a total of J$600,000, which is equivalent to £2,876. 

She was also awarded J$50,000 in CBDC.

Gerrard Harvey walked away with the prizes of J$350,000 in regular currency and J$25,000 in CBDC for creating and designing the logo. 

The Bank of Jamaica said no winners for found in the image category and the design was completed in-house by their team of graphic designers. 

The new design has been met with some objections, with critics calling the design “outdated”. 

Jamaica announced earlier this year they would launch its own digital currency this year after a “successful” pilot, which started in May 2021 and ended on 31 December 2021. 

The innovative new service was tested by Jamaica’s National Commercial Bank (NCB) and an Irish digital currency converter company called eCurrency Mint. 

Customers trialled person-to-person, cash-in and cash-out transactions through 37 accounts with small businesses including local craft jewellers, footwear designers and fashion stores. 

Jamaica is expected to join the Bahamas, Sweden and China who are already issuing digital currencies as legal tender by the country’s main bank.

The use of digital currencies is becoming increasingly important for countries, with the growth of online trading, crypto currencies and NFTs. 

The national rollout for Jam-Dex will continue in the coming months. 

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