Last month, the Jamaican government announced two new incentive programs to increase the adoption of its central bank digital currency (CBDC), the JAM-DEX. The measures will reward businesses that accept digital currency at the point of sale, as well as individual users who use the JAM-DEX regularly. The hope is to facilitate their transition toward the digital economy.
Jamaica’s Minister of Finance, Dr. Nigel Clarke, announced the two incentive programs while discussing the new budget for the upcoming fiscal year on March 7.
The first is the “Small/Micro Merchant Incentive Program”, which will reward the first 10,000 merchants who sign up for the official JAM-DEX platform as of April 1, 2023, with a J$25,000 (about $164) deposit. Targeted merchants include food outlets, gas stations, hairdressers and other personal care services. We reported last year that a lack of merchant adoption was holding back the rollout of the CBDC.
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