Jamaica becomes the first country to make CBDC official tender

Jamaica's central bank has formally recognized the "Jam-Dex" central bank digital currency (CBDC) as legal tender, making it the first country to do so.


Jamaica's central bank has formally recognized the "Jam-Dex" central bank digital currency (CBDC) as legal tender, making it the first country to do so.
Jamaica CBDC

The Bank of Jamaica (BoJ) has legalized its CBDC.


According to sources, the Jamaican Senate has authorized the central bank to issue its CBDC, known as the Jamaica Digital Exchange, or Jam-Dex.


The Bank of Jamaica Governor Richard Byles stated that the Jam-Dex will be available for domestic use later this month, adding that the digital Jamaican dollar “offers a more secure, convenient alternative to physical notes and coins, and can be used without a bank account.”


CEO of CBDC technology provider eCurrency, Jonathan Dharmapalan, commented on the move as follows:


“Legislators in Jamaica have all now unanimously moved a digital dollar forward in Jamaica. You can use this to settle any debt in Jamaica. It is the medium of exchange. It is the medium of account.”

"Because it's digital, you don't have to be in the same area at the same time to perform a transaction..., It's an extremely effective instrument," he said.


According to the Jamaica Observer, the JMMB Group, a financial services firm, plans to develop a number of new products such as point-of-sale, e-commerce, and new payment solutions to help the Jam-adoption. Dex's


The publication says that the CBDC is also being promoted by the National Commercial Bank (NCB) via its Lynk wallet.


Aside from this, Atlantic Council's CBDC tracker also noted that 105 countries, representing more than 95% of global GDP, are currently investigating or establishing a CBDC.


It also claims that 11 countries have debuted CBDCs, including Nigeria, the Bahamas with its "Sand Dollar," and numerous Caribbean island governments, but Jamaica is the first to legalize one as legal money.