Jamaica Recognizes its CBDC as Legal Tender

The Jamaican Senate has just passed a law recognizing the country’s central bank’s digital currency (CBDC), Jamaica Digital Exchange, or Jam-Dex, as legal tender.

The Bank of Jamaica (BoJ) tentatively tested the pilot between May and December last year.

According to a report from the Jamaica News Agency, the Minister of International Relations and Trade, Kamina Johnson, has said in a speech to Parliament that she hopes that the introduction of the CBDC system will reduce the number of people who do not have access to the banking system.

She has also explained people would not have to open a bank account to access digital currency. She has added:

“Users will have access to a CBDC wallet, which will be provided by banks or automated payment service providers, with the access process as simple as possible.”

The new law also expands the definition of legal tender to include digital tokens. At the same time, the use of fiat currency is not limited in any way.