OAKLAND, Calif., Nov. 17, 2022 /PRNewswire/ -- eCurrency has entered into a long-term partnership with Bank of Jamaica to provide technology services for the national rollout of its Central Bank Digital Currency (CBDC) - JAM-DEX.
Jamaica became the first country to recognize its CBDC as legal tender. In June 2022, the Jamaican Parliament passed amendments to the Bank of Jamaica Act and subsequently Bank of Jamaica (Amendment) Act 2022 (Act 5 of 2022) was duly assented by the Governor General to accommodate the Bank as the sole issuer of CBDC and strengthening its anti-counterfeiting laws.
The Bank of Jamaica now mints, issues, distributes and redeems CBDC in Jamaica. The Bank announced the national rollout after a successful CBDC pilot last year with eCurrency.
"Bank of Jamaica is pleased to partner with eCurrency in the national rollout of JAM-DEX to the Jamaican people. JAM-DEX will be a game changer in the country's digital transformation, by enabling unbanked and underbanked citizens to be a part of the formal financial system thereby enabling access to other financial products," said Deputy Governor Natalie Haynes.
With the issuance of Jamaica's digital dollar, JAM-DEX, Bank of Jamaica continues to fulfill its commitment to promote a digital economy and increase financial inclusion providing its consumers the ability to make and receive payments anytime, anywhere and using any convenient device in a manner that is safe, convenient and secure. The eCurrency solution contains layers of security to prevent counterfeiting while allowing universal interoperability and widespread circulation.
"We are honored to be the technology partner for the Bank of Jamaica CBDC," said eCurrency CEO, Jonathan Dharmapalan, "Jamaica is leading the world in issuing a true CBDC that is a digital bearer instrument distributed alongside its notes and coins."
Bank of Jamaica will preserve its role as sole issuer of the national currency, while empowering regulated financial institutions, including commercial banks and payment service providers, to distribute CBDC to the public.
eCurrency is the global leading provider of digital currency security systems for central banks. Using Digital Symmetric Core Currency Cryptography (DSC3) technology, eCurrency enables central banks to securely and efficiently issue digital fiat currency as a digital bearer instrument to operate alongside notes and coins. eCurrency has pioneered the world's first end-to-end solution based on DSC3 technology for central bank digital currency issuance and circulation. The company combines hardware, software, and cryptographic security protocols to provide central banks the tools they need to preserve their charter and doctrine as the sole issuer of the national currency in an increasingly digital economy. By enabling more secure and efficient digital transactions, eCurrency supports the huge economic opportunities presented by the global shift to digital payments, including increased transaction efficiency, financial inclusion, and economic growth.
Bank of Jamaica is the country's central bank. The principal objectives are the maintenance of price stability and financial system stability with the primary objective being the maintenance of price stability. The functions of Bank of Jamaica also include:
- formulation and implementation of monetary policy;
- oversight of Jamaica's payment, clearing and settlement systems and the foreign exchange market;
- the issue and redemption of currency;
- the provision of banking services to the Government and deposit taking institutions, as well as fiscal agency services to the Government; and
- the holding and management of the external reserves of Jamaica.
SOURCE eCurrency Mint Inc.