Jamaica: Kamina Johnson Smith presents Bank of Jamaica Amendment Act 2022 in Senate

Kamina Johnson Smith- Minister of Foreign Affairs and Foreign Trade of Jamaica piloted the Bank of Jamaica (Amendment) Act, 2022, in the Senate.

Saturday, 11th June 2022

Jamaica: Kamina Johnson Smith presents Bank of Jamaica Amendment Act 2022 in SenateJamaica: Kamina Johnson Smith presents Bank of Jamaica Amendment Act 2022 in Senate

Kamina Johnson Smith - Minister of Foreign Affairs and Foreign Trade of Jamaica piloted the Bank of Jamaica (Amendment) Act, 2022, in the Senate. The act now allows the Bank of Jamaica to commence national issuance of the central bank digital currency and empowers the Bank as the sole authority to issue Central Bank Digital Currency (CBDC) as legal tender. "Our #CBDC is digital JM$ backed by the Bank of Jamaica. It will be accessed thru an e-wallet issued by banks or authorized payment service providers, and is not the same as cryptocurrency, which is privately issued and generally not backed by a central bank," stated Minister Johnson. Jam Dex is Jamaica's digital currency that will work along with bank notes, allowing persons and businesses more efficient money management. The law also addresses matters such as cybersecurity, consumer protection, and safeguards against unlawful surveillance or monitoring of individual transactions. Minister Smith stated that the Government of Jamaica is working hard on financial inclusion as a pillar of sustainable economic growth. "All Jamaicans stand to benefit from policies and techs like #CBDC that increase access to financial services and encourage more innovation, growth and job creation," she further added. The Jam-Dex will be officially launched for domestic use later this month. It is being considered the most secure, convenient alternative to physical notes.