Recently, the Central Bank of Jamacia announced it will launch its digital currency, the CBDC, for central banks. This is known as the Jamaican Digital Exchange (Jam-Dex), in the first quarter of 2022. According to Jamaica’s government, the nation digital currency will reduce transaction costs while providing financial services to those who are not banked.

It is EstimateOver 17% of Jamaicans don’t have a bank account, and it is possible that there are many others. These are mostly due to impediments within the financial system. This is mainly due to high transaction costs. Many Jamaicans feel that banks should be a luxury for the wealthy.