JIS News

Bank of Jamaica (the Bank) is pleased to advise that the phased rollout of JAM-DEX has progressed with the amendments to the Bank of Jamaica Act (BOJA) 2020 now being passed into
law on 14 June 2022.

These amendments designate the Bank as the sole authority to issue Central Bank Digital  Currency (CBDC), JAM-DEX, which is now legal tender. With the amendments, all references to
“notes and coins” are now expanded and replaced with, “notes, coins and central bank digital
currency”.

Given these amendments the Bank can now advance the national issuance of CBDC and in that regard, members of the public are encouraged to sign up for a digital wallet which facilitates
access to JAM-DEX. Currently, National Commercial Bank offers JAM-DEX through LYNK®, its digital wallet.

Other wallet providers are expected to come on board for the distribution of JAM-DEX later this year. JAM-DEX provides a safe, efficient and convenient way to pay for goods and
services.

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