Jamaica recognizes its cryptocurrency dollar as a means of payment

The Central Bank of Jamaica has officially recognized the Jam-Dex digital currency (CBDC) as legal tender. From now on, Jamaica is the first country in the world to legalize CBDC at the legislative level.

According to the Jamaican Senate, Jam-Dex cryptocurrency will be launched this month. The authorities took this step to support the country’s economy by creating an alternative to fiat cash.

«The digital Jamaican currency offers a safer and more convenient alternative to physical banknotes and coins, CBDC can be used without a bank account,» Central Bank Governor Richard Biles told reporters.

According to the Atlantic Council’s CBDC project, there are currently 105 countries that are researching or developing CBDCs. Nigeria, the Bahamas, and several Caribbean island states have actually launched CBDCs, but Jamaica was the first country to legalize the digital currency.

The idea of recognizing cryptocurrencies at the legislative level is popular among residents of different countries. Thus, according to a recent study by the British newspaper The Economist, 37% of respondents expect bitcoin or other cryptocurrencies to be recognized as legal tender.