The first 100,000 Jamaicans who install Central Bank of Jamaica cryptocurrency wallets will be rewarded in digital Jamaican dollars worth $16.
This was announced by Jamaican Prime Minister Andrew Holness (Andrew Holness). In a recent speech before the House of Representatives, Jamaican Finance Minister Nigel Clarke said this would encourage individuals and businesses to use the government’s stablecoin to conduct transactions. According to the Jamaica Observer, approximately 17% of the Jamaican population is unbanked. Therefore, a new government initiative will allow people with low and middle incomes to become part of the state banking system.
This announcement comes after the Bank of Jamaica completed testing of the digital currency, which lasted for about 8 months. Its full deployment is scheduled for next month. The regulator noted that all citizens of Jamaica with valid bank accounts will automatically have a digital wallet for the state cryptocurrency. It will be called Jamaica Digital Exchange (Jam-Dex) and its slogan is “No Cash, No Problem.” However, in February, the local cryptocurrency community criticized its name, as it evokes associations with decentralized exchanges.
The message about the free distribution of money also caused a mixed reaction among local users. Some praised Holness for developing a “digital future” while others expressed concern that the Jamaican government was trying to bribe citizens into the federal banking system.
Earlier, Bank of Jamaica Governor Richard Byles said that lenders and financial institutions will help accelerate the adoption of the digital Jamaican dollar.
