{"id":323047,"date":"2022-03-11T11:10:37","date_gmt":"2022-03-11T16:10:37","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=323047"},"modified":"2022-03-11T11:10:37","modified_gmt":"2022-03-11T16:10:37","slug":"bank-of-jamaica-releasing-jam-dex-cbdc-in-april","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bank-of-jamaica-releasing-jam-dex-cbdc-in-april","title":{"rendered":"Bank of Jamaica: Releasing Jam-Dex CBDC in April"},"content":{"rendered":"
The goal is to encourage mass adoption of the country’s new central bank digital currency (CBDC<\/a>). The first 100,000 Jamaican individuals who use the CBDC, known as Jam-Dex, would get a $16 payment for free.<\/p>\n The news was originally revealed on Thursday by Jamaican Prime Minister Andrew Holness in his Facebook post. Some Facebook users congratulated Holness for welcoming new digital technology.<\/p>\n On the other hand, some users showed fear about the Jamaican government’s ambitions. They accused Holness of attempting to sweet talk individuals into the federal banking system.<\/p>\n As per Jamaica Observer, over 17% of Jamaicans do not have access to banking services. People on social media speculate about the administration’s motivations.<\/p>\n Although, the Observer points out that not being able to access banking services<\/a> is bad for poorer Jamaicans. It is both costly and time-consuming.<\/p>\n There are a lot of reasons behind the new system. This new payment inducement is intended for low and middle-income households. They want to encourage them to participate in the national banking system.<\/p>\nHelping poorer side of the population<\/h2>\n