The Jamaican cryptocurrency community has criticized the name that the country’s central bank has chosen for its digital currency – JAM-DEX.
The Bank of Jamaica summed up the results of the competition for the name and slogan for the future state cryptocurrency. The winner was designer Ashley Payne, who came up with the name Jamaica Digital Exchange (JAM-DEX) and the slogan “No cash, no problem!” The winner received 600,000 Jamaican dollars and 50,000 Jamaican dollars in the form of Central Bank digital currency as a reward for her work.
The regulator believes that the name of the state stablecoin should be easily recognizable at the international level and be associated with the unique atmosphere of Jamaica. The Central Bank believes that there is hardly another word, term or expression that is more characteristic of Jamaica than “Jamaica”. In addition, the name should hint at digital money.
However, on the Central Bank’s Twitter, locals began to write that the name could confuse people and ruin everything. In the cryptocurrency space, the abbreviation DEX stands for decentralized exchanges – platforms without a central governing body. On these platforms, users can trade with each other directly, without intermediaries.
The logo of the state stablecoin depicts aki, the national fruit of Jamaica. Logo creator Gerrard Harvey was rewarded with J$350,000 and J$25,000 in CBDC. However, the logo design was also criticized users. In their opinion, when evaluating various options, the judges were guided by outdated logo standards, and the project will not be taken seriously against the backdrop of digital currencies being developed by other central banks.
In February, Jamaican Prime Minister Andrew Holness announced the successful testing of the state cryptocurrency, adding that the launch could take place as early as this year. Holness estimates that in five years, about 70% of the country’s inhabitants will use the digital Jamaican dollar.
Source: Bits
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