NCB says use of JAM-DEX low

 

National Commercial Bank Jamaica says the use of local central bank digital currency JAM-DEX has been low.

 

In a media briefing on Friday, CEO of NCB Jamaica Bruce Bowen said this may be linked to the few usage options for the digital currency, along with the process. 

 

"If you were to look at our CBDC volumes, you would think that Lynk has not been successful. But if you look at the overall volumes, it's been very successful. So it is simpler for people to use Lynk today without converting to CBDC. And the question that certainly we've raised, and there is dialogue going on, is it worth putting a lot of effort into eliminating that friction to use CBDC? Or as an industry and a society, are we better to put that investment into just building the ecosystem?" Mr. Bowen querried. 

 

The revelation comes after the central bank indicated it was disappointed in the slow pace of take-up for JAM-DEX, along with the number of banks with wallets online.

 

NCB's Lynk is still the only publicly available CBDC wallet.

 

At least one other bank has a CBDC wallet in the sandbox.

 

In 2021, 230 million units of JAM-DEX were minted by the BOJ.

 

Up to the end of July, that sum increased to 257 million.