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Provider of infrastructure support for central bank digital currencies (CBDC), eCurrency, has announced the extension of its current agreement with the Bank of Jamaica for a broad rollout.
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In August 2021, Jamaica and eCurrency signed a five-month partnership agreement to investigate a retail CBDC pilot programme called JAM-DEX.
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The project, however, started to take shape in April, and rumours of a full-scale rollout may have encouraged the signing of a long-term partnership with the Bank of Jamaica.
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Deputy Governor Natalie Haynes stated, "Bank of Jamaica is pleased to partner with eCurrency in the national rollout of JAM-DEX to the Jamaican people.
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JAM-DEX will be a game-changer in the nation's digital transformation by giving unbanked citizens access to other financial products and participation in the formal financial system.
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Provider of infrastructure support for central bank digital currencies (CBDC), eCurrency, has announced the extension of its current agreement with the Bank of Jamaica for a broad rollout.
Image credit- google images
According to Jonathan Dharmapalan, CEO of eCurrency, the partnership could strengthen Jamaica's current financial situation and solidify its position as a global leader in CBDC development.
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Jamaica was one of the first nations to grant legal tender status to the digital representations of their national money.
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The central bank now has the authority to mint, distribute, and redeem CBDC as the sole issuer under amendments to the Bank of Jamaica Act. JAM-DEX
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The public will be able to purchase JAM-DEX from commercial banks under the revised law, leaving the central bank to handle cryptocurrency issuance.
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