Jamaica’s central bank digital currency and the problems it hopes to solve

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Jamaica’s central bank digital currency and the problems it hopes to solve

The Central Bank of Jamacia recently announced that it would be launching its central bank digital currency (CBDC), dubbed the Jamaican Digital Exchange, or Jam-Dex, in the first quarter of 2022. According to the Jamaican government, the national digital currency will help to lower transaction costs while allowing the unbanked to access financial services.

It is estimated that over 17% of Jamaicans are unbanked, but it is feared that many more are underbanked. This is largely due to systemic financial sector impediments. High transaction costs, in particular, are a huge limitation. Consequently, many Jamaicans believe that banks are a preserve of the rich.

:thinking: What are your thoughts on countries rolling out CBDC???

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#2

I don’t get CBDCs. Have to learn more about it but I’m not seeing how it’s meaningfully different from fiat considering most money is electronic anyway in our bank accounts

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#3

It’s basically another way for the government to create more of its own currency and eventually screw the little people. If it was the people that created their own community currencies I would be all for it. We need to let them know what Intercoin is all about so they can manage it themselves instead if relying on the governments failing once again.

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