Jamaican Government Develops Digital Jamaican Dollar Platform to Foster E-commerce
The Jamaican government is making significant strides in the development of a dedicated platform that will enable locals and merchants to transact using the digital Jamaican dollar. This national e-commerce platform, known as JAM-DEX, will facilitate seamless payments for goods and services utilizing the central bank’s digital currency.
To spearhead this initiative, a task force comprising technical experts from the private sector and representatives from the Bank of Jamaica has been assembled. The development process also involves the participation of the Lynk payment platform.
Under the guidance of the Jamaican Ministry of Industry, Investment and Trade, Minister Aubyn Hill emphasized that the platform’s implementation will accelerate the widespread adoption of the state stablecoin and attract a broader user base. Currently, only a limited number of sellers are actively engaged on the platform. However, the minister expressed confidence that as more merchants and payment solution providers join, healthy market competition will ensue.
Hill stated, “We are embracing new technologies to address logistical challenges. The Jamaican government is committed to fostering a private sector-friendly platform for the widespread adoption of a central bank digital currency (CBDC).”
It’s worth noting that the Central Bank of Jamaica had introduced its own digital currency in July of the previous year, with the first 100,000 users receiving a $16 bonus as part of the launch.