Jam-Dex has been chosen as the name of the national digital currency that is coming soon to Jamaica. In the approaching days, the Caribbean nation plans to roll out its central bank digital currency (CBDC) with the tagline, “No Cash, No Problem!”. The tri-coloured logo of Jam-Dex is inspired by the national fruit of Jamaica, called the ackee. The idea of choosing this native fruit as a logo was to offer a visually distinct and easy-to-recognise icon.
The Bank of Jamaica in an official statement explained that the inception of Jam-Dex is inspired by what the currency means — Jamaica Digital Exchange.
The name, the tagline, as well as the logo of Jam-Dex were picked out of submissions made by citizens of the nation.
Ashley Payne won the prize money for getting her suggested CBDC name and tagline picked by a select jury. Payne walked away with a total of $3,846 (roughly Rs. 2.8 lakh) along with $320 (roughly Rs. 24,000) worth of Jam-Dex tokens.
For conceptualising and designing the logo, Gerrard Harvey walked away with the prizes of $2,244 (roughly Rs. 1.65 lakh) in regular currency and $160 (roughly Rs.12,000) in CBDC.
The exact rollout date of Jam-Dex remains awaited for now.
Presently, several other nations are also working on launching their own blockchain-based digital currencies.
Russia has already begun testing its CBDC named Digital Ruble.
Indian Finance Minister Nirmala Sitharaman has also confirmed plans to bring a national digital rupee in the coming days.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.