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The National Commercial Bank of Jamaica said that the usage of the local central bank digital currency JAM-DEX has been low.
In a press conference on Friday, Bruce Bowen, CEO of the National Commercial Bank of Jamaica, said this could be related to the limited options for using digital currencies and their processes.
“If you look at our CBDC numbers, you would think Lynk was not successful. But if you look at the overall numbers, you would see that it was very successful. So now it’s simpler for people to use Lynk without having to convert to CBDC. We certainly raise the question and are having a conversation about, is it worth investing a lot of energy in removing the friction of using a CBDC? Or as an industry and a society, are we better off putting that investment into building the ecosystem?” asked Mr. Bowen.
Earlier, the Reserve Bank of India said it was disappointed with the speed of acceptance of JAM-DEX and the number of banks offering wallets online.
NCB’s Lynk remains the only publicly available CBDC wallet.
At least one other bank has a CBDC wallet in the sandbox.
In 2021, the Bank of Japan minted 230 million units of JAM-DEX.
By the end of July, the amount had increased to 257 million.
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