Jamaica JAM-DEX event
Overview
The Bank of Jamaica launched JAM-DEX, its central bank digital currency, following a pilot phase with Dublin-based technology firm eCurrency Mint that began in August 2021. The CBDC entered production in April 2022, and Jamaica's Senate passed legislation in June 2022 that authorised the central bank to issue JAM-DEX and designated it as legal tender, a first for any CBDC globally. Adoption has been measured: roughly 260,000 accounts had been opened by January 2024, and merchant integration has been constrained by the requirement to upgrade point-of-sale hardware.
Within The Counterparty graph, Jamaica JAM-DEX connects to 2 tracked entities, most strongly to Bank of Jamaica, Bank of Jamaica.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 2 of 2 total).
| Relation | Connected entity | Confidence |
|---|---|---|
issued | Bank of Jamaica | 95% |
issued_by | Bank of Jamaica | 95% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
What has held back merchant acceptance?
Merchant acceptance has been limited by the need for point-of-sale equipment upgrades; the Bank of Jamaica has allocated funding for these upgrades to encourage adoption.