Prime Minister Dr Andrew Holness
Prime Minister Dr Andrew Holness says Jamaica's central bank digital currency, JAM-DEX, has not gained the level of traction initially anticipated by the Government and the Bank of Jamaica.
The Prime Minister revealed that JAM-DEX is currently valued about J$250 million, representing only a small fraction of the country's monetary base, which stood at more than $433 billion at the end of March.
He explained that the slow uptake is largely due to the limited deployment of supporting digital infrastructure within the banking system.
Dr. Holness conceded that more point-of-sale machines and bank cards are needed to make the system more accessible to the public, noting that this will require additional investment from financial institutions.
He also highlighted the need for a unified digital payments platform, adding that discussions have already begun with countries such as India to explore potential solutions.
The Prime Minister said that the Government is now in active discussions with commercial banks to strengthen the digital payments ecosystem and drive wider adoption of JAM-DEX.
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