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THE CENTRAL BANK OF JAMAICA PLANS TO DISTRIBUTE $16 TO THE FIRST 100 CBDC CITIZENS
In an effort to raise awareness and expand usage, the Government of Jamaica is ready to distribute US$ 16 ($2,500 Jamaican dollars) to the first 100,000 citizens who have created Central Bank Digital Currency Wallets (CBDC) after April 1
JAMAICA DIGITAL EXCHANGE (JAM-DEX)
Speaking this week with an introductory presentation during the debate on the budget for 2022-2023 in the House of Representatives, the Minister of Finance and Public Service, Dr. Nigel Clark, said that the main purpose of this step is to encourage citizens to use CBDC as a transaction opportunity.
In February, the Bank of Jamaica (BOJ) presented the country's CBDC project, called Jamaica Digital Exchange (JAM-DEX), under the slogan "No cash, no problem!"
This initiative is part of the Government's digital transformation program for the Jamaican economy. According to the Finance Minister, any person with an existing bank account can automatically be eligible to receive a JAM-DEX wallet. The government plans to detail additional incentives for the use of the new CBDC, the deployment of which is scheduled for the beginning of the quarter from April to June.
The government and the central bank will also insist that the Bank of Japan be the sole issuer of JAM-DEX, and the CBDC be recognized as legal tender.
Clark also mentioned that the more vendors, such as corner stores, vendors and bars, accept JAM-DEX, the wider its use will be. The government also seeks to encourage businesses to create electronic wallets and make payments in JAM-DEX.
THE POPULATION OF JAMAICA THAT DOES NOT USE BANKING SERVICES
Statistics from the Jamaica Observer showed that about 17% of the country's population currently do not use banking services. Recently, several countries have jumped on the CBDC bandwagon. For Jamaica, the study shows that a citizen without a bank account is likely to spend significantly more than those with a bank account. CBDC could potentially help this group of people join the country's banking system.
As for the population that does not use banking services, the minister said that citizens will need a CBDC wallet with KYC conditions.
"If you don't have a bank account, everything that is required to set up a wallet with JAM-DEX support is simplified. Information about your client: name, address, date of birth, tax registration number (RNN), and a valid government-issued photo ID, such as a driver's license, passport, or voter ID. Of course, once NIDS is fully implemented, it will be accepted."
Meanwhile, the presentation of JAM-DEX caused a mixed reaction. While some doubted the motives of the leaders behind this move, others were outraged by the nomenclature, the choice of logo and even the slogan.
