Jamaica’s bus and taxi operators are rapidly adopting the country’s new central bank digital currency (CBDC), known as Jam-Dex. Launched in 2022 by the Central Bank of Jamaica, Jam-Dex, short for Jamaican Digital Exchange, received a boost in adoption through an airdrop event.
Aldo Antonio, co-founder and acting executive chairman of the National Transporters Alliance Group (NTAG), is playing a key role in driving Jam-Dex’s acceptance within the transportation community. Despite initial hesitancy among bus and taxi drivers due to a slow uptake among vendors and consumers, Antonio remains encouraging about Jam-Dex’s potential.
According to the local report, Antonio believes that this CBDC could revolutionize the public transportation sector by introducing operational efficiencies and reducing costs and security risks. To achieve this, Antonio emphasizes the importance of increasing the number of customers who are willing to use Jam-Dex.
Antonio’s strategy involves focusing on two major areas mainly food and transportation. By encouraging Jamaicans to use Jam-Dex for their everyday commuting and dining needs, he aims to rapidly integrate digital currency into people’s lives. This shift could also eliminate concerns associated with carrying physical cash and providing exact change, making transactions smoother and more convenient.
Jamaica is actively working toward enabling CBDC services on mobile phones for the general public. Antonio envisions that with the right training and implementation, the transportation sector could start accepting Jam-Dex payments as early as January.
With an estimated 25,000–30,000 transport owners in Jamaica, there is substantial potential to expand Jam-Dex’s reach beyond the current user base of 10,000 vendors and 200,000 CBDC users facilitated through the Lynk digital wallet. Earlier in a report by Today News on August 25, 2023, in a collaborative effort between the Skillful Intelligence Award, St. Petersburg Exchange, and RTS, a recent survey disclosed that a significant majority of Russians, surpassing 50%, are receptive to embracing the digital ruble.
This insight emerges from a diverse study group of 2,000 individuals aged 18 to 65, representing all corners of the nation. The findings reported in Izvestia on August 24, 2023, reflect notable enthusiasm, indicating a progressive shift towards incorporating the digital ruble seamlessly into their financial practices.
