A recent announcement was made for people in Jamaica that they would be able to receive a $2,500 deposit from their government if they signed up for the central bank digital currency wallet account after April 1 in the country.
The first 100k people to sign up are reportedly going to receive that deposit from the government as a financial incentive to explore this digital wallet and currency system.
The central bank digital currency in Jamaica is Jamaica Digital Exchange (JAM-DEX), and it is going to be open for businesses and individuals to use. This is further pushing forward with a plan for a digital transformation of the economy on the island, one which a number of people are already voicing their discontent with and warning about its implementation in other areas not just Jamaica.
The rollout for that central bank digital currency in Jamaica is expected to be coming around the start of April which will see changes made where the BOJ is going to end up being the sole issuer for the JAM-DEX which is expected to be recognized as legal tender in the region.
Several institutions or wallet providers are expected to be contributing to the digital system in Jamaica that is being built, with at least 5 wallet providers expected to be coming onto the project to make it happen. It will be easy for those who already have a bank account too as they will automatically be able to set up a wallet and be ready to use JAM-DEX.
Jamaica isn't the only country that has looked toward making its own central digital currency linked with its central bank, we can expect that even more nations might experiment with this in the future as digital currency becomes even more widespread and in-demand.
Without that financial incentive, will many be interested in adopting this new currency, and why would they?
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Sources:
https://www.bloomberg.com/news/articles/2022-03-10/jamaica-offers-free-money-to-digital-currency-s-first-adopters