Jamaican Central Bank is planning to airdrop $16 (25,000 JMD) to the first 100,000 citizens who set up a Central Bank Digital Currency (CBDC) wallet after April 1st, 2022.
As other countries such as Cuba and El Salvador are adopting the use of Bitcoin for both economical and strategic interests, Jamaica is also joining the digital currency bandwagon.
A project which has been in the making for years now can finally see the light in the upcoming months and it is expected to be widely received by the populace.
Minister of Finance and the Public Service Dr. Nigel Clarke stated at the opening presentation in the 2022/22 Budget Debate in the House of Representatives, the main objective is to push citizens to use CBDC as a means to handle transactions of all sorts.
Under the entire project which was recently dubbed Jamaica’s Digital Exchange (JAM-DEX), in February, with the tagline being “No Cash, No problem!”. After April 1st, anyone with an existing bank account can automatically be eligible for a JAM-DEX wallet.
Over the years we have seen a huge disruption in the financial sector with an array of new ideas and products being brought to the table. This is a good move for Jamaica’s economy which is looking to bring the country into the future.
It’s not a surprise given that digital adoption of digital currencies is much more aggressive among 3rd world countries that might be more open to new ideas.
Laws also play a major factor as these countries don’t have a lot of laws to block innovation. Hopefully, this is a stepping stone for Jamaica where its “leaders” are looking to revamp the economy.
