Jamaica begins central bank digital currency rollout

COMING SOON: Residents opening a Lynk digital wallet will receive a reward credit when Jam-Dex goes live

Residents of Jamaica can now open a digital wallet that supports the country’s Jam-Dex central bank digital currency (CBDC) as the Bank of Jamaica (BOJ) prepares to launch the CBDC during the April to June quarter.

The National Commercial Bank of Jamaica has become the first institution in the country to add support for the Jam-Dex to its Lynk digital wallet, with the BOJ expected to onboard four other CBDC wallet providers after completing tests to ensure “fluency in the transactions”.

BOJ deputy governor Natalie Haynes “is hopeful that between now and the end of April those issues can be fully addressed,” the Trinidad and Tobago Guardian reports.

“During that period, Haynes is also looking forward to the required amendments to the Bank of Jamaica act that will confirm the Bank of Jamaica as the sole issuer of the CBDC and for it to be legal tender in Jamaica.”

The news comes following the Government of Jamaica’s announcement last month that the first 100,000 residents to open a CBDC wallet will receive a $2,500 (US$16) reward directly into their digital wallet when the Jam-Dex goes live.

According to the Lynk website, users eligible for the government reward “will see their Jamaica dollar balance and their Jam-Dex $2,500 balance in the app” in May.

The BOJ revealed plans to pilot a CBDC in March 2021 and completed the eight-month pilot in December.

The Central Bank of The Bahamas launched the digital Sand Dollar in October 2020 and the East Caribbean Central Bank rolled out DCash in Antigua and Barbuda, Grenada, Saint Lucia and St Kitts and Nevis in April 2021.

Jamaica begins central bank digital currency rollout was written by Tom Phillips and published by NFCW.