Jamaica plans to approve the launch of a state cryptocurrency and announces its advantages

JN Bank’s Head of Digital Transformation, Ricardo Distant, believes that the launch of the digital Jamaican dollar will bring major improvements to the financial sector of Jamaica.

Ricardo Distant emphasized the advantages of the Central Bank of Jamaica’s digital currency (JAM-DEX). He believes that the launch of the state-owned stablecoin will be a «turning point» in the country’s financial industry, as it will reduce barriers to access to banking services, reduce transaction costs, and increase the speed of settlements and payments.

«The central bank’s digital currency will maintain equity in society. A person in any remote area of the country will be able to easily and seamlessly conduct banking transactions and pay for goods at the touch of a button on their mobile phone. Instead of going to the corner store with cash, you can simply order groceries by transferring money to the seller’s digital wallet,» said Distant.

Earlier, the Central Bank of Jamaica said that in order to launch JAM-DEX, it is necessary to amend the legislation to regulate digital assets. The test launch of the Jamaican dollar is scheduled for this year.