Jamaica launches national cryptocurrency

The Central Bank of Jamaica has announced the launch of the country’s own digital currency, JAM-DEX. From now on, all Jamaicans will be able to use the state-owned cryptocurrency to pay for goods and services from more than 2,300 sellers through the Lynk platform.

According to local media reports, more than 120,000 users have already registered on the Lynk platform, 100,000 of whom have received a $ 16 bonus. In partnership with the Bank of Jamaica, Lynk specialists will implement a public education program on the use of the state digital asset. Residents of Jamaica will be able to learn about the benefits of digital payments, how to access JAM-DEX, how to convert it, and how to use it for payment.

Jamaica has become the first country in the world to legalize CBDCs. In early June, the Central Bank of Jamaica officially recognized JAM-DEX as a legal tender. The authorities took this step to support the country’s economy by creating an alternative to fiat cash. Also recently, the National Bank of France announced plans to launch its own digital currency by 2023. And the International Monetary Fund has concluded that some cryptocurrencies and central bank digital currencies can be a more efficient payment solution than credit and debit cards, especially in the context of energy consumption.