Jamaica is naming its soon-to-be-launched central bank digital currency the Jam-Dex — short for Jamaica Digital Exchange — as governments around the world weigh the benefits of introducing sovereign e-cash.
The Bank of Jamaica said in a statement that it combed through hundreds of entries to find the right name and tag line: “No Cash, No Problem.” The phrase is a play off a cultural motto of being content in the face of worry.
The tag line “is a phrase that instantly evokes Jamaica, and moreover, speaks to exactly the mood we want consumers and businesses to have when they are using Jam-Dex,” the bank said.
The logo for the Jam-Dex is a stylized image of Jamaica’s national fruit, the ackee.
After piloting the e-currency in 2021, Prime Minister Andrew Holness has said it will be released nationally this year.
If it does so, Jamaica will join the Bahamas and the Eastern Caribbean Central Bank in rolling out a CBDC.
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