eCurrency has entered into a long-term partnership with Bank of Jamaica to provide technology services for the national rollout of its Central Bank Digital Currency.
Jamaica became the first country to recognize its CBDC as legal tender. In June 2022, the Jamaican Parliament passed amendments to the Bank of Jamaica Act and subsequently Bank of Jamaica (Amendment) Act 2022 (Act 5 of 2022) was duly assented by the Governor General to accommodate the Bank as the sole issuer of CBDC and strengthening its anti-counterfeiting laws.
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The Bank of Jamaica now mints, issues, distributes and redeems CBDC in Jamaica. The Bank announced the national rollout after a successful CBDC pilot last year with eCurrency.
“Bank of Jamaica is pleased to partner with eCurrency in the national rollout of JAM-DEX to the Jamaican people. JAM-DEX will be a game changer in the country’s digital transformation, by enabling unbanked and underbanked citizens to be a part of the formal financial system thereby enabling access to other financial products,” said Deputy Governor Natalie Haynes.
With the issuance of Jamaica’s digital dollar, JAM-DEX, Bank of Jamaica continues to fulfill its commitment to promote a digital economy and increase financial inclusion providing its consumers the ability to make and receive payments anytime, anywhere and using any convenient device in a manner that is safe, convenient and secure. The eCurrency solution contains layers of security to prevent counterfeiting while allowing universal interoperability and widespread circulation.
“We are honored to be the technology partner for the Bank of Jamaica CBDC,” said eCurrency CEO, Jonathan Dharmapalan, “Jamaica is leading the world in issuing a true CBDC that is a digital bearer instrument distributed alongside its notes and coins.”
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Bank of Jamaica will preserve its role as sole issuer of the national currency, while empowering regulated financial institutions, including commercial banks and payment service providers, to distribute CBDC to the public.
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