This is why Jamaica is making efforts to launch CBDC ASAP!

Caribbean region country Jamaica has been developing its digital currency for a long time now and claims to launch it soon

Cryptocurrencies brought the notion of a currency that could be based on blockchain technology and can have all the amenities from fast, borderless and cheap transactions, etc. Now the countries across the world may or may not support crypto but consider the use of technology for digitizing their own currencies in order to become a digital economy. Among such countries, Caribbean country Jamaica has put its efforts to develop and launch its own CBDC.

Jamaica is among those nations which are pursuing to have their central bank digital currency. The central bank of the country announced in February this year that everything was prepared for the release of digital currency. Financial institutions even named the digital currency as Jam-Dex.

Although the central bank of Jamaica in order to design and launch the digital currency, doubled down its efforts. It claimed that the product will be beneficial for a significant number of people in the country who do not possess access to even the basic monetary services.

Recently in an interview, Deputy Governor and Committee Chairperson of the bank Natalie Haynes explained the purpose of digital currency is to bring help to those residents of Jamaica who are excluded from the financial moteory network. She said that the country still has a large portion of the population that left outside the conventional financial system.

Natalie further stated that the entire economy of the Jamaican island nation would be changed after the launch of Jam-Dex, fulfilling its aim to transform the economy digitally. She thinks that the financial product would be appealing to the people who are seeking their ways for electronic methods of payment either credit, debit cards or both. Most of such people had found the cash usage as a burden and in some cases even dangerous.

Following the sane she revealed that the bank will conduct tests on its virtual currency in April to ensure the transactions fluency. Deputy governor hopes that issues related to CBDC would be cleared up in upcoming four weeks and so while for its launch on a broader level, she presumed it to happen in upcoming months.

After completion and launch of its digital currency, Jamaica will be listed third among the countries who did it in the region. In 2021, Bahamas launched its CBDC — Sand Dollar, while other countries in the Caribbean Sea region including Antigua and Barbuda, Grenada, St Lucia, St. vincent, etc has DCash — launched in 2021.