The Jamaican government says it is getting everything ready before launching its central bank digital currency (CBDC), called Jam-Dex.
The Bank of Jamaica, in a press release this week, announced that it has already selected the name, visual image, tagline, and logo for CBDC, which is expected to be rolled out later this year. The entire branding of the new digital currency was decided following a public competition to bank organized.
But the name Jam-Dex is derived from Jamaican Digital Exchange, with the tagline “no cash, no problem” proposed by Mr. Ashley Payner, according to the announcement. The winners of each entry were awarded their price, with Ms. Payne taking home 6,000 Jamaican dollars for her entry for the tagline.
Interests In CBDCs Get Deeper in Jamaica
Jamaica is one of many other countries that have made proposals to launch their CBDC as an alternative to the much-criticized cryptocurrencies. Many central banks have criticized crypto assets but are in heavy support of a CBDC which is said to be more stable.
The decision by the Jamaican government has made it one of the countries in the Caribbean to consider a CBDC. So far, only the Eastern Caribbean and the Bahamas have launched their respective CBDCs.
The Bahamas launched the region’s first CBDC, called the Sand Dollar, in October 2020. Five months later, the Easter Caribbean rolled out its version of the digital currency it calls Dcash.
In South America, only Venezuela has successfully rolled out its CBDC. However, other countries like Chile, Brazil, and Peru have put plans in motion to launch theirs soon.
On the other hand, the United States, widely expected to be spearheading the CBDC space, is still studying its feasibility. But El Salvador has taken a different approach. Rather than launching its digital currency, the Central American nation has embraced Bitcoin with full arms. It became the first country to accept Bitcoin as a legal tender when its government approved the cryptocurrency for all types of payments last year.
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