After working on it for the past year, Jamaica has quietly become the first nation to rollout a central bank digital currency (CBDC), in a move away from cash and physical currencies.
Central Bank of Jamaica Governor Richard Byles told Blockworks that the new digital currency will launch later this month, after the Jamaican senate voted to authorize the regulated cryptocurrency. The government voted to expand the legal definition of legal tender to not only include issued coins and notes, but now ‘virtual tokens.’ This CBDC is now akin to cash.
The Central Bank of Jamaica held contests last year to create a name, logo, and tagline for the new digital currency. It is officially called “Jamaica Digital Exchange,” or better known as “JAM-DEX.” It’s tagline says “No Cash – No Problem,” and the symbol is a symmetrical ackee fruit, the island nation’s iconic and national fruit.
There is hardly any word, term, or expression that is more quintessentially Jamaican than JAMAICA itself.
The secondary consideration to complete the puzzle was that the name has to signify not just money, but digital money. The full name, Jamaica Digital Exchange, took care of that, and the finishing touch was the visual reinforcement of running dollar signs through the ‘D’ in ‘DEX.’
“No Problem” is a phrase that instantly evokes Jamaica, and moreover, speaks to exactly the mood we want consumers and businesses to have when they are using Jam-Dex. ‘No cash, no problem’ simply but explicitly speaks to the ease and worry-free convenience of using Jam-Dex as a substitute for cash.
In terms of not only the bold and distinctive elegant simplicity, but also the symmetry compatible with an interconnected digital world, we found the 2D visual representation of Jamaica’s proud national fruit as irresistible as a Sunday morning plate of ackee and saltfish.
The Central Bank explained
‘The CBDC is expected to significantly limit the challenges associated with Jamaica’s primarily cash-driven economy. A digital Jamaican dollar offers a more secure, convenient alternative to physical notes and coins, Byles said — and can be used without a bank account,’ Blockworks wrote.
Legislators in Jamaica have all now unanimously moved a digital dollar forward in Jamaica. You can use this to settle any debt in Jamaica. It is the medium of exchange. It is the medium of account.
What is primarily important is that countries start to recognize that their money can come in digital form. Because it’s digital, you don’t have to be in the same place at the same time to execute a transaction…It’s a really, really powerful tool.
Jonathan Dharmapalan, CEO of eCurrency, which provides technology for central banks to issue and distribute CBDCs
Blockworks additionally noted, ‘The success of the pilot, Dharmapalan said, proved Jam-Dex’s underlying technology and infrastructure works, but seeing citizens use the currency in the real world in the coming weeks and months will demonstrate the true value of CBDCs.’ In other words, Jamaica is being used as a testing ground to gauge public perception and acceptance, while ironing out any wrinkles in the program.
While Jamaica has become the first country to implement their CBDC as legal tender, other nations such as Brazil, Nigeria and Haiti, are also designing their own CBDC frameworks. The Central Bank of the Bahamas released the world’s first digital coin in 2020 called the “Sand Dollar.”
Providing a cash-like digital means of payment, in light of reduced cash usage and an increase in private digital payment services, is the most common consideration. Other significant considerations include strengthening competition among payments service providers (PSPs), increasing efficiency and reducing the costs of financial services.
The Bank for International Settlements stated in a May report
Holly from Zoon Politikon said that the smaller islander and more impoverished nations would act as a training ground to rollout the first wave of CBDCs, to see how the system would operate live, before expanding and being implemented in larger nations.
The United States is currently working on one, as President Biden signed an executive order to accelerate that process. That order came not long after the International Monetary Fund (IMF) stated that the world was ready and needed to adopt CBDCs.
AUTHOR COMMENTARY
[16] And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: [17] And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. [18] Here is wisdom. Let him that hath understanding count the number of the beast: for it is the number of a man; and his number is Six hundred threescore and six.Revelation 13:16-18
As noted in this report, Jamaica and other subsequent smaller and more isolated nations will be used as a proxy to see how many people respond and use it, and sure up any glitches in the system. If people like it, then it’s implementation will come sooner to other larger and influential nations. If the people rebel and do not use them, then the handlers must create a new crisis and propaganda campaign to facilitate their necessity. If you remember in the early onslaught of Covid propaganda, the media was telling us that cash notes could be a harbinger for pathogens, and even credit cards at one point, along with a “coin shortage.”
I have often said that your vote no longer matters. Once this is implemented, then your vote will REALLY not matter. With a regulated CBDC in place, it is more than just digits on a screen: every transaction will be precisely monitored and tracked, and so tax agencies will have every cent accounted for, whilst eliminating under the table deals; and basic things like garage sales, money in a birthday card, and charitable gifts, etc.
Moreover, it will be linked-up with social credit, carbon calculators, and food IDs. With a precise list of everything someone bought or sold, social credit scores will then come in right thereafter, if not in the same package deal.
You must do all that you can to resist this trash. It will get harder in the future but you must fight it – use cash constantly, do not use self-checkouts, limit online spending if possible, and get away from the smartphone.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
Where Kamala and her slave-owning Harris family hail from. Ton of voodoo and sex magic there, & it didn’t begin in California. The other half is Hindu voodoo w/ connected family members still in idolatrous humanist antichrist politics in India.