Central Bank of Jamaica launches its own digital currency

The Central Bank of Jamaica has launched its own JAM-DEX digital currency using the Lynk app. The first 100,000 registered users received an incentive bonus of $16.

According to local media, more than 120,000 people have already registered on the platform. All of them can use the state cryptocurrency JAM-DEX to pay for goods and services from more than 2,300 merchants through the Lynk platform. In partnership with the Bank of Jamaica, Lynk specialists are ready to start implementing a public educational program on the use of a government digital asset. Individuals and business owners will be able to learn how to access JAM-DEX, how it can be converted and used for payment, and the benefits of digital payments in general.

The JAM-DEX digital currency is considered legal tender in Jamaica, on par with regular money. The state stablecoin is stored in a digital wallet, in which Jamaicans need to upload a scan of an identity document (driver’s license, voter ID or passport) and upload a scan of their tax registration number to register. To prevent unauthorized access to funds and improve security, the application requests biometric data.

Lynk CEO Vernon James believes it is important that local residents are not left behind in digital financial transformation and can have easy access to banking services. Bank of Jamaica Deputy Governor Natalie Haynes says JAM-DEX will improve the lives of many in the country who are now excluded from the financial system. Now they will be able to make secure payments and transfers.

Last year, Jamaican Central Bank Governor Richard Byles said that lenders and merchants would accelerate the adoption of the digital Jamaican dollar. However, some Jamaicans do not like the name of this digital currency, as DEX is associated with decentralized exchanges.