What’s going on with JAM-DEX?

Have Jamaican authorities given up on their digital currency, Jamdex?

So JAM-DEX is the digital version of the Jamaican dollar. We did a video some time ago explaining what Jamdex is, you can go check that out on our youtube page. 

Now almost two years after its debut, it’s been mostly crickets.

Though the Bank of Jamaica (BOJ) has been trying to bring Jamdex into the mainstream, there’ve been many bumps along the way. 

BOJ Governor Richard Byles was a guest on Taking Stock recently.  He said businesses are finding it challenging to facilitate customers using the digital currency.

Byles says they’ve had to step back and develop a system that integrates with POS machines.  They’ve tested it out, and they’re now in discussions with a major bank to do a pilot. 

The goal is to have Jamdex widely available in popular businesses in time for the upcoming holiday season.  They’re targeting full implementation by the end of 2024. 

As one of the first central banks in the world to launch a digital currency, the BOJ is still optimistic about the road ahead for JAMDEX… despite the challenges.

And that’s the bottom line.