Transport Operators in Jamaica Interested in Adopting CBDC Payments

cryptonews.com:

Transport operators in Jamaica have expressed interest in using the country's central bank digital currency (CBDC) for payments. 

Aldo Antonio, co-founder and acting executive chairman of the National Transporters Alliance Group (NTAG), has been actively promoting the adoption of Jam-Dex within the transport community, according to a report from local media outlet Jamaica Observer. 

Antonio argued that the CBDC can increase operational efficiency and reduce costs and security risks for bus and taxi drivers. 

"I see Jam-Dex as something that would be significantly transformative for the public transportation sector and needs to be embraced," he said. 

The Central Bank of Jamaica launched Jam-Dex, short for Jamaican Digital Exchange, in 2022.

However, there has been a lack of enthusiasm among bus and taxi drivers regarding the CBDC, primarily due to a slow adoption rate among vendors and consumers. 

Antonio claimed that more customers need to be willing to use the CBDC in order to make it a viable payment option. 

The failure to attract customers could discourage merchants and potentially lead to the abandonment of digital currency altogether, he argued. 

Antonio mentioned food and transportation as the two main sectors that can substantially increase the everyday usage of Jam-Dex. 

"If we can get Jamaicans to use Jam-Dex for transportation payments on a daily basis, it will accelerate the distribution of the digital currency." 

Jamaica is currently working on enabling CBDC services on mobile phones for the general public. 

Antonio believes that with the implementation of this infrastructure and proper training, the transportation sector could be capable of accepting Jam-Dex payments as early as January, if not sooner. 

With an