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Delay in full introduction of JAM-DEX

The full introduction of  the country's central bank digital currency JAM-DEX has been delayed.
 
A news release from the Bank of  Jamaica says the digital currency which was scheduled to be officially launched this quarter, is undergoing a phased rollout.
 
It says comprehensive implementation has been stalled pending amendments to the Bank of  Jamaica Act. 
 
The amendments will make the central bank digital currency legal tender and the BOJ the sole issuer.
 
As at March, 6 million dollars in CBDC was in circulation.
 
National Commercial Bank is currently the only digital wallet provider through its Lynk platform.
 
The BOJ says other digital wallet providers are being assessed in preparation for distributing JAM-DEX later this year.


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