Tag: Jamaica

Three years since its launch, JAM-DEX remains at a crossroads. Although the digital currency is fully operational, it still accounts for only 0.1% of Jamaica’s total money in circulation. In this article, we dive into the current stalemate between the Central Bank and commercial institutions and revisit the five critical roadblocks we identified back in 2023 to see how much has actually changed.

As early as July 2023, Jamaica should have a digital marketplace, which it is hoped will drive increased e-commerce and the use of digital payments, especially JAM-DEX, the country’s Central Bank Digital Currency. However, cognisant of the challenges JAM-DEX has been experiencing, the immediate success of the digital marketplace is not assured. We outline five issues that must be addressed before the digital marketplace for JAM-DEX is likely to be a success.