Category: Financial Systems
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The Missing Identity in Jamaica’s Digital Economy
I can’t remember exactly how I stumbled upon the article, Corporate Digital IDs to Fight Business Fraud, but it was an insightful read. More importantly, it exposed a blind spot we may have as Jamaica pushes toward a digital economy. We spend a lot of time discussing digital payments, central bank digital currencies, national identification…
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Jam-Dex versus Bitcoin
Introduction Money has always existed in physical form — notes and coins issued by a central bank. Today, many countries are exploring ways to issue this same money digitally, creating what is known as a Central Bank Digital Currency (CBDC). In Jamaica, this digital currency is called Jam-Dex. One technology developed for this purpose is…
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Why Isn’t JAM-DEX Taking Off?
Last week my attention was drawn to a news item concerning JAM-DEX, so I paid close attention to the details. In the article, Bank of Jamaica Governor Richard Byles blasts banks for not doing enough to drive adoption of JAM-DEX as a method for paying for goods and services across the Jamaican economy. The Jamaica…
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What Is a Bearer Instrument?
A bearer instrument is a financial asset where ownership belongs to whoever physically holds it. Key idea: No identity or account is required — possession = ownership. Examples In practice If you hand someone the instrument, they immediately become the owner. In contrast, most of the money people use today moves through banking instruments. These…