Jamaica JAM-DEX event
Overview
JAM-DEX (Jamaica Digital Exchange) is the Bank of Jamaica's central bank digital currency. The BoJ ran pilot testing from August 2021 with Dublin-based technology provider eCurrency Mint and moved JAM-DEX into production in April 2022; Jamaica's Senate then passed legislation in June 2022 giving the central bank authority to issue it and making JAM-DEX legal tender, the first time any country granted a CBDC legal tender status. Uptake has been gradual, with roughly 260,000 accounts reported by January 2024 and merchant onboarding slowed by the need for point-of-sale equipment upgrades.
Within the DeFi Intel graph, Jamaica JAM-DEX connects to 2 tracked entities, most strongly to Bank of Jamaica, Bank of Jamaica.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).
| Relation | Connected entity | Confidence |
|---|---|---|
issued | Bank of Jamaica | 95% |
issued_by | Bank of Jamaica | 95% |
Frequently asked questions
When did JAM-DEX go live?
The Bank of Jamaica rolled it into production in April 2022, following pilot testing that began in August 2021.
What is notable about JAM-DEX's legal status?
Jamaica made JAM-DEX legal tender, becoming the first country in the world to do so for a CBDC, after Senate approval in June 2022.
What has held back merchant acceptance?
Retailers needed to upgrade their point-of-sale equipment, and the Bank of Jamaica has planned funding for such upgrades to promote acceptance.
Sources
Facts on this page were verified against the following sources.