Following a competition, the Jam-Dex was named after the Jamaican Digital Exchange. “No cash, no problem,” it proclaims.
After a design competition, the Bank of Jamaica revealed the name of its planned central bank digital currency (CBDC), only to face outrage from the local crypto community.
The Jamaican central bank announced on Twitter that the name “Jam-Dex,” as well as the motto and emblem for its forthcoming CBDC, which is set to open in late 2022, had been picked. While the initiative appears to be promising, its name is similar to that of a decentralised exchange (DEX), and its logo is “awful,” according to community feedback.
The term Jam-Dex is reportedly derived from the Jamaican Digital Exchange, which advertises “no cash, no problem.” It was chosen as the winner after a competition by the central bank. While the winner took home J$600,000 ($3,800), the community was less than pleased with the outcome.
As the saying goes, "Mi inna mi ackee!"… With the completion of our CBDC name, logo, tagline and image design competition – Bank of Jamaica's digital currency now has a name! See the press release for full details: https://t.co/YqFKi1BV0G #BoJspeaks #CBDCJa pic.twitter.com/fqXglyAJBH
— Bank of Jamaica (@CentralBankJA) February 17, 2022
A decentralised exchange is referred to as a ‘DEX’ in the bitcoin realm. A decentralised exchange is one with no centralised authority and instead relies on a network of peer-to-peer nodes. These nodes allow users to trade directly with one another without the requirement of a middleman. The control of your funds is in your hands under this arrangement, and you deal directly with another person.
The local crypto community was keen to see the designs that had been rejected:
Front /back : pic.twitter.com/wAs2Wkhoaw
— Jamaican Investor (@Jamaican0071) February 17, 2022
Some of the other contestants were dissatisfied with the final product as well:
We actually have a problem where the judges have out-dated standards, which discourage local designers who apply more international standards to their designs.
— Jeyded 🇯🇲🇰🇷 (@jeyd_ed) February 17, 2022
Another user claimed the judges’ standards were “outdated”:
The Logo is terrible at this point no one will take you serious like seriously you want to go in the most advanced state of money but your logo was created by a 5yo mind smh that's what you are projecting why would people who understand this space would invest here
— crypto carib (@OnceAga55838598) February 19, 2022
Others were merely worried that the initiative would be dismissed because of its logo:
Jamaica announced plans to introduce a CBDC as a cryptocurrency alternative in 2020, making it the first Caribbean country to do so. CBDCs and other cryptocurrencies, according to the country’s central bank, do not fully fulfil the standards of money and are not always guaranteed by a central authority.
Nigeria was one of the world’s first countries to establish a CBDC that is open to anyone. The US is presently studying the merits and cons of a digital currency. On the other side, El Salvador has taken a different approach. Instead of inventing its own digital currency, the Central American country has fully accepted Bitcoin.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
