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Jamaica: Bank of Jamaica announces phased rollout of digital currency

The Bank of Jamaica ('BoJ') announced, on 11 May 2022, its phased rollout of Jamaica's Central Bank Digital Currency ('CBDC'). In particular, the BoJ stated that the rollout of the CBDC is underway, while the process of amending the Bank of Jamaica Act of 1960 ('BOJA') progresses. As such, the BoJ stated that the amendment to the BOJA would make the CBDC a legal tender and enshrine the BoJ as the sole issuer. Additionally, the BoJ stated that JAM-DEX, Jamaica's digital currency, is issued and backed by the BoJ, and it is safe, convenient, and secure.

You can read the press release here.