BOJ Governor describes slow adoption of JAM-DEX as a disappointing feature of his tenure

Bank of Jamaica Governor Richard Byles has described the slow adoption of the central bank’s digital currency, JAM-DEX, as a disappointing feature of his tenure.

Governor Byles is set to demit office on August 18.

During his final Quarterly Press Briefing at the central bank’s Kingston offices yesterday, the Governor lamented that it is taking years for wider adoption of the digital currency, which is touted as a safe, efficient and convenient way to pay for goods and services.

In the meantime, Division Chief of Payment System and Money Services Oversight, Mario Griffiths, noted that the Jamaica National Bank is slated to be the first deposit-taking institution (DTI) to convert its point-of-sale machines to accommodate JAM-DEX.

The commercial bank is expected to complete this conversion by July.

When asked about the use of the National Reconstruction and Resilience Authority (NaRRA) Act to help with the wider adoption of JAM-DEX, Mr. Griffiths said the bank will deliberate on the matter.