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Jamaica’s central bank will airdrop 2500 Jamaican dollars or $16 to the first 100,000 citizens who use the country’s new digital currency wallets, in a bid to boost the adoption of its recently unveiled central bank digital currency (CBDC), Jamaica Digital Exchange, or JAM-DEX. In a press release published on Thursday, the Jamaican Finance Minister Nigel Clarke stated that anybody with an existing bank account can automatically obtain a JAM-DEX wallet.
“The more corner shops, vendors, and bars that accept JAM-DEX, is the more useful it becomes and the more widespread its use. We will incentivize corner shops and informal and formal community businesses to establish… electronic wallets and to facilitate payments in JAM-DEX,” Clarke added in the statement.
According to the Jamaica Observer, approximately 17% of the Jamaican population is currently unbanked and that the remaining unbanked is both costly and time-consuming for poorer Jamaicans. The report points out that the new payment incentive, among others, will encourage low and middle-income citizens to join the national banking system. The new digital currency comes with its own logo and the following tagline: “No cash, no problem” and is expected to be launched as soon as next month.