Jamaica’s CBDC will launch later this year

According to Natalie Haynes, Deputy Governor of the Bank of Jamaica, the proposed Jamaican CBDCs will benefit a considerable percentage of the financially challenged population.

Jamaica’s CBDC will benefit its population.

The central bank of Jamaica is speeding up efforts to create a digital version of the country’s currency. According to the institution, the financial product will help many residents who do not have access to essential banking services.

Jamaica is another country that is attempting to commercialize a digital currency issued by its central bank. In February, the central bank said that all systems were in place to issue this type of product, and the institution gave CBDC a name – Jam-Dex –.

Natalie Haynes, the Bank of Jamaica’s deputy governor, indicated in a recent interview that the future digital currency would benefit those Jamaicans who are financially excluded from the monetary system.

“There is still a large portion of the population that is not part of the formal banking system,” she explained.

She went on to say that the introduction of Jam-Dex is aimed at transforming the whole economy of the island nation into the digital age.

According to her, the financial product will appeal to people who are willing to make payments electronically via credit and debit cards. Additionally, the majority of these respondents claimed that using the currency is “burdensome and, in some situations, unsafe.”

Haynes then stated that the Bank of Jamaica would perform further CBDC testing in April to ensure the transaction’s liquidity. Additionally, the deputy governor expressed hope that all project-related issues would be resolved within the next four weeks and that Jam-Dex would be available in the next months.

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