The national e-commerce platform will allow users to pay for goods and services using the central bank’s digital currency, JAM-DEX.
A task force was formed to develop the trading floor, including technical experts from the private sector and representatives of the Bank of Jamaica.
The Lynk payment platform also takes part in the development. The initiative is led by the Jamaican Ministry of Industry, Investment and Commerce.
Department Secretary Aubyn Hill said the platform would accelerate the introduction of the state’s steblecoin and attract new users to it.
Hill said that only a few vendors are active on the platform right now.
However, when more merchandisers and payment solution providers are brought in, the project will ensure healthy competition in the marketplace, the minister said.
“We are open to new technologies to solve logistics problems..
The Jamaican government is looking to develop a platform for large-scale CBDC implementation that fits the private sector,” Hill said.
Recall that the Central Bank of Jamaica launched its own digital currency last July. The first 100,000 users of the state cryptocurrency received $16 as a bonus.