![]() “We have to be very careful how we allow financial flows to happen between persons or institutions have ill-intent, for example terrorism or money laundering. Noting that JAM-DEX can only be used in Jamaica, he said it will be issued by commercial banks and other payment service providers “who know their customers”. The Governor emphasised the importance of the KYC process in the CBDC’s administration. “So just as when a tourist comes to Jamaica and wants to change their US dollars to Jamaican dollars, they do so at a Cambio or a bank, they can change to JAM-DEX and use it just as they would use Jamaican cash,” he indicated. Byles also advised that visitors to Jamaica who may wish to conduct transactions using CBDC will be accommodated. He was speaking during a ‘Riverside Chat’ panel discussion on digital currency and cryptocurrency, at the 2022 Jamaica 60 Diaspora Conference on Wednesday (June 15). While noting that “there’s a bit of work to be done to get that to happen”, the Governor said: “This is where technology and banking laws are eventually going to allow us to go.” Byles said he also anticipates that the remittance agencies “will make that system of transfer even more seamless and immediate”. “ the person sending the money is bona fide, meaning the ‘know your customer’ (KYC) has been done on them and on the person receiving the money, it can move immediately and seamlessly between the two,” he indicated. ![]() Governor of the Bank of Jamaica (BOJ), which is spearheading implementation of the CBDC dubbed ‘JAM-DEX’, Richard Byles, said that while individuals sending funds would have to do so using existing arrangements at their respective locations, when the money gets here, “it can go through JAM-DEX immediately to the beneficiary”. Persons with Central Bank Digital Currency (CBDC) accounts will be able to use these to receive remittances from overseas. Eligibility and Basic Provisions for Returning Resident Status. ![]() Jamaicans Overseas & Consular Affairs Department.National Land Agency Systematic Land Registration.Returning Residents | Returning Citizens’ Information Guide.Returning Residents | Your Safety and Security Guide to Resettling in Jamaica.What Are The Damages That A Hurricane Can Cause?.How Do I protect Myself From Cybercrimes?.Back to School Health Tips: Properly Wash Your Hands.Do’s and Don’ts in Communicating with the Deaf and Hard of Hearing.Every Child Must Learn – Extra Lesson Programme.GOJ Support For The Mentally Ill In Crisis Situations.Rising Gas Prices – GOJ Provisions and Tips.
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