Jamaica Is Offering Free Money To Digital Currency’s – National leaders can make a difference in how their residents see the world around them. They can also make a difference in the world beyond their shores. Such is the case with the world of digital currency and nations in one very important corner of the world. The nations of the Caribbean continue to take a leading role in the world of innovative financial concepts they know will benefit their citizens in the long run.
One Caribbean national leader is now set to make even more a splash in the world of global banking. Prime Minister Andrew Holness heads Jamaica. In this role, he knows that he has the global spotlight for residents of his community at home as well as those making a living abroad. He has chosen to seize this platform and provide his citizens with access to and rewards for using a new form of currency.
A New Plan
Prime Minister Andrew Holness has announced that his nation has introduced a useful form of digital currency. Officials are calling it the Jam-Dex digital currency. Jam-Dex digital currency is expected to begin launching in the next few months. This form of currency is known as a Central Bank Digital Currency or CBDC. The CBDC has much in common with crypto. Like crypto, people can purchase central bank digital currency in varied quantities. Jam-Dex, like other forms of central bank digital currency is based on the role of a central bank. This will make all forms of digital transactions related to the use of this currency fully centralized as well as totally traceable. This is where this kind of currency ultimately differs from crypto where privacy and total secrecy are largely more prized by investors and most users.
Encouraging Early Investment
In an effort to let Jamaicans know about this new form of currency, the prime minister took to social media to announce his plans. He also announced that the first one hundred thousand Jamaican citizens who sign up to be part of this effort will be given $16 in funds from the bank without any strings attached. The minister would like his citizens to consider using a digital wallet. He also stated on his Facebook post that those citizens who choose to have such a digital once this currency is fully functional and live will be rewarded with an additional incentive. They have the opportunity to be granted $2500 Jamaican dollars just for being part of this venture.
The use Jam-Dex also has other advantages for Jamaicans. Residents who have bank accounts in the bank will be automatically given access to digital wallets. All such digital wallets must go through a rigorous fraud detection process designed to protect their assets. This should make it easier for Jamaicans living abroad to provide payments for relatives at home as well as making it easier for them to pay for things as they travel. The currency even has a tagline, ““No Cash, No Problem!” as well a logo that takes inspiration from ackee, the nation’s well known fruit.