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Jamaica, an island country situated in the Caribbean Sea, has adopted its central bank digital currency or CBDC as legal tender in order to provide an alternative to a cash-based economy. This makes the member of the Commonwealth the first country to do so.
Jamaica takes a leading step
Jamaica has taken a leading step after the Jamaican senate authorized the central bank of the nation, known as the Jamaica Digital Exchange, or Jam-Dex, to issue the CBDC in the nation. According to reports, the citizens of the nation will be able to use the CBDC for domestic purposes.
“Legislators in Jamaica have all now unanimously moved a digital dollar forward in Jamaica,” told Jonathan Dharmapalan, CEO of eCurrency, a firm that helps central banks to issue CBDCs. “You can use this to settle any debt in Jamaica. It is the medium of exchange. It is the medium of account.”
Furthermore, as per the Bank of Jamaica Governor Richard Byles, the Jam-Dex will allow the usage of CBDC in the nation later this month. He also told Blockworks that the Jamaican dollar “offers a more secure, convenient alternative to physical notes and coins, and can be used without a bank account.”
“What is primarily important is that countries start to recognize that their money can come in digital form,” he said. “Because it’s digital, you don’t have to be in the same place at the same time to execute a transaction… It’s a really, really powerful tool.”
Other nations preparing for the launch of CBDC
As noted by Cryptonary earlier, India is ready to explore uncharted waters and will introduce the digital rupee in a phased manner. Furthermore, the largest crypto exchange in Latin America, Mercado Bitcoin, struck an agreement with Stellar Development Foundation to contribute to the development of a CBDC for Brazil.
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