Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Cryptocurrency»Jamaica’s largest bank casts doubt on CBDC
    Cryptocurrency

    Jamaica’s largest bank casts doubt on CBDC

    August 23, 20243 Mins Read


    Jamaica’s National Commercial Bank (NCB), the only lender in the country currently offering a central bank digital currency (CBDC) wallet, says that its clients have been disinterested in the digital currency.

    Jamaica launched the JAM-DEX CBDC in late 2021 and made it fully available to the public the following year. The Bank of Jamaica (BOJ) relies on an intermediate system in which commercial lenders offer CBDC services to the public.

    Three years after its launch, Jamaica’s largest lender, NCB, is the only bank that offers a CBDC wallet to Jamaicans, and it’s now questioning the feasibility of one of the world’s pioneer digital currencies.

    While announcing the bank’s financial results recently, CEO Bruce Bowen revealed that its mobile app, Lynk, has recorded high adoption rates, but its clients have not been keen on JAM-DEX. He added, “it is simpler for people to use Lynk today without converting to CBDC.”

    “And the question that certainly we’ve raised, and there is a dialogue going on, is it worth putting a lot of effort into eliminating that friction to use CBDC? Or as an industry and a society, are we better off putting that investment into just building the ecosystem?”

    Bowen also criticized other local banks for not offering CBDC wallets. The closest is the Jamaica National Bank (JN Bank), which was onboarded as the second wallet provider in January 2023. Since then, this wallet has been in development in the central bank’s regulatory sandbox, with no indication of a launch date.

    The slow rollout reflects the lack of adoption for the second CBDC in the Caribbean after the Bahamas’ Sand Dollar.

    At launch, the central bank made financial inclusion the biggest goal for the digital currency. However, according to the bank’s financial inclusion report earlier this year, over 70% of the population is banked.

    The BOJ has attempted to spark adoption to no avail. Earlier this year, it pledged to invest millions to upgrade 20% of the country’s Point-of-Sale (PoS) equipment, enabling it to handle CBDC transactions. Other measures, such as launching a CBDC-powered digital marketplace, have also failed to raise the CBDC’s appeal.

    The Bahamas, the only other Caribbean nation with a CBDC, hasn’t fared any better. In July, the country’s central bank governor revealed that there are plans to force commercial lenders “to provide their clients with access to the central bank digital currency.”

    Watch: CBDCs are more than just digital money

    width=”560″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>

    New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    France arrests five over cryptocurrency kidnapping

    Cryptocurrency

    SEC-Davao monitoring 4 entities allegedly involved in cryptocurrency scams

    Cryptocurrency

    Russia Developing Cross-Border Digital Payment with BRICS

    Cryptocurrency

    Regal Investments Commits $30 Million to Cryptocurrency Prop Trading Initiative

    Cryptocurrency

    Banks must build trust to thrive in digital age 

    Cryptocurrency

    Digital Pound? Bailey’s Right to Be Wary

    Cryptocurrency
    Leave A Reply Cancel Reply

    Top Picks
    Stock Market

    3 Magnificent Dividend Stocks Down 19% to 48% I’m Buying Right Now for My Daughter’s Portfolio

    Commodities

    UN warns of more rain, agricultural damage in flood-hit North Korea

    Investments

    ARS choisit SS&C pour soutenir sa gamme de produits à revenu garanti -Le 18 mars 2025 à 14:00

    Editors Picks

    How to Retire Early by Buying Property and Renting It Out

    July 23, 2024

    Why James Corden swerved this A-List hotspot to build staggering £18m property empire

    March 18, 2025

    Kefi Gold and Copper annonce que Tulu Kapi devrait atteindre sa pleine production aurifère fin 2027

    June 5, 2025

    Energy Vault commence la construction du déploiement de stockage d’énergie par batterie au projet New England Solar d’ACEN Australia

    February 25, 2025
    What's Hot

    Live Thursday at 8 a.m.: Midwest Technology Summit​ – InForum

    August 15, 2024

    What Can You Buy With Bitcoin & Cryptocurrency?

    June 1, 2025

    Govt working on regulating digital currencies: PM Shehbaz – Business

    February 19, 2025
    Our Picks

    Virginia Beach business loses some property to Dominion Energy wind project

    August 17, 2024

    Donald Trump veut vendre des titres de résidence à 5 millions de dollars

    February 26, 2025

    record level lost as lower commodities and US market bite

    July 19, 2024
    Weekly Top

    Launch of 2025 Mullingar Agricultural Show

    June 21, 2025

    L’infernal concert de Muse au Hellfest

    June 21, 2025

    SEC-Davao monitoring 4 entities allegedly involved in cryptocurrency scams

    June 21, 2025
    Editor's Pick

    Pakistan Set To Legalise Cryptocurrency To Attract Foreign Investment; Details Here

    March 20, 2025

    Prediction: PepsiCo’s Dividend Yield Just Peaked at 4.4% Because the Dividend King Stock Is Too Cheap to Ignore

    May 15, 2025

    Télécharger Glary Utilities – Utilitaires

    March 16, 2025
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.