JAM DEX - Jamaica's CBDC - The Effects It May Have On Jamaican Society

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How do you think JAM-Dex ( the new Jamaican digital dollar / CBDC) will affect the lives of people in Jamaica, seeing that it is a developing nation?

I personally think it’s going to make paying bills especially taxes easier, the younger people who don’t want to wait in long lines to pay bills are gonna adopt it fast Tthey will intern teach their parents and grandparents and spread the word to their friends.

I personally feel like at least on person in every household should have a Jam dex walket.
The thing is, many worry about privacy, when they are using a credit /debit card and it’s the same thing with added features nd more liquid. But just like a credit card you wouldn’t  want to make every purchase using the Jam dex.

In terms of crime if people stop carrying around wads of cash. It will be difficult for the old school criminals to rob individuals or business for cash. Then we will see the rise of more sophisticated criminals, more consequence and threat based crimes. Like, leave 100,000 at xyz or else. Then we will see the hackers and the gangsters linking up.

If someone steals your phone with a Jam dex wallet installed, they can’t send the money to themselves, if they go to ABM to cash out , they will need your password/PIN number. So we could see a rise in kidnapping style robberies.

What I would personally like to see is the JAM Dex actually helping to spread the decentralized currencies such as Bitcoin by by making it easier to cashin and out. I believe this will be done by underground middle men at first and then legal entities. The same goes fro remitance services using JAHM Dex. For a more detailed explanation of my thoughts on JAM DEX and how it will impact Jamaican Society, give the video a watch.

What are your thoughts on the JAM Dex, Jamaica's digital currncy exchange?

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Like, leave 100,000 at xyz or else. Then we will see the hackers and the gangsters linking up.

Lol yeah....or gangsters will have to learn coding if they want to stay in business.

So we could see a rise in kidnapping style robberies.

Yeah that’s how a lot of Nigerian police officers do around here, pick innocent up and take them to atm machines to get them to withdraw their money.

Incentivizing with $2500???? Whut? I will jump on it too lol

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I can see them learning too.

Ah the crooked cops. I remember one of them tried that to me in uni. Not a kidnapping but for car fitness. Made me pay what I had then took my number as said he would call for the rest, I didn’t pick up that phone 😂

Relax bro it’s not usd , but JMD, so around $18. Not too shabby though, could buy a nice meal or herbs in Jamaica 😀

Posted via ReggaeJahm | Reggae Culture Rewarded

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i think people who use these digital platforms and currency should also find a way to go about their usage of these platforms. Also, since it is centralized it would be easy to trace, I believe. My only issue is the centralization which is not good for the crypto space.

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I agree, and they want to but for some reason Jamaica gets left out of a lot of central exchanges because of money laundering worries and the central bank not issuing licenses because of the same threat from higher powers about money laundering as Jamaica is a key distribution spot for narcotics to the USA & UK. But it's just a matter of time. Some stores even started accepting crypto.... finally.

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If you think back ten years or more, we were all sending cheques or rushing to a bank to cash one. Technology always moves us forward with new ways to manage our money.

Is there a realistic future for Crypto Payment? YES, I believe there is, but it needs to be much simpler and easier to use. Maybe JAM DEX will solve that, only time will tell ! I hope so ... 😎

!HBIT !LUV !LOLZ !PGM

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(Edited)

I agree, it is only evolution. I am not against CBDCs, and I think they will serve there purpose. And so will crypto. In Jamaica, the central bank is not sold on crypto but they know they can never stop it. They are trying their best to slow the process though. But even the Jamaican prime minister boasted about gaining from crypto so it's just a matter of time.
!WINE

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Your awesome post has now been PIMPED ~ Enjoy 🤑 !PIMP

!HBIT !WINE

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Hivebits blends Hive's blockchain and Bitcoin's ethos. Your effort = your reward. Mine HBIT simply 1-per-day with (no space): ! hivebits or ! HBIT or ! hbit or $ hbit.
Success! You mined .9 HBIT and the user you replied to received .1 HBIT on your behalf. You can receive 100% of the HBIT by replying to one of your own posts or comments. Or, support Hivebits at the official HBIT mine | your wallet | market | tools | connect | <><

This confirmation reply will go off when Resource Credits (RCs) get low. Yet, your hivebits command will still go through and you'll get your HBIT. :)

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I am happy if it can help Jamaicans to get out of this circle of violence! Crypto is the land of opportunity

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I'll be happy too but we know criminals evolve and get more sophisticated to match the era.

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crypto is the future bro I hope we can make crypto adoption faster

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I hope so too, it takes a lot of patience but the good thing with the CBDC wallets is that they actually make the idea of using crypto more understandable, and showcases the importance… especially when they see how assets can be froze.

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Definitely the best intro to a Leo Finance post!

I actually hadn't heard about Jam Dex until now, but I believe it might help streamline digital banking. Who wants to write a check in 2022? or who wants to stand in line in a bank branch? However I also believe the people should push to teach people about #Bitcoin, which is freedom money and censorship resistant.

Be your own bank.

BOOM!

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Hahaha gotta promote the tunes in the content.

The CBDCs definitely have their purpose. But interestingly the old folk want to go to the bank and talk to the teller and see their friends but the younger gen couldn't careless, they just want more Netflix time.

I think the CBDCs will open many up to bitcoin as they will see what the centralized has to offer vs the decentralized. Can't rush them though as many still think it's a scam,many will have to come to their own awakening.

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I talked to my friends from IBEX, a company that is implementing Bitcoin in El Salvador and Guatemala. How would you like to be a guest on the podcast to talk about the Jamaican CBDC and Bitcoin adoption in Jamaica?

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Honestly, I don’t think me as a Jamaican living in Japan can give an accurate assessment of Bitcoin adoption in Jamaica as I am going off of what I hear and read so it would be better to talk to someone on the ground in Jamaica, living the crypto life there like @donald.porter

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Greetings Bredda,
JAM DEX - Jamaica's CBDC will be good & bad for Jamaica...it all
depends on what is "attached" to the use of this Babylon-DC or in other
words, what kinda traps/dependency/politics are "attached" to it...
Let's make a worst case scenario, sadly enough, it is not so far-fetched:
You have to be Vaxxed to get access, and they could come with this also later... after they let everybody have it...possible trap e.g.
Good is the introduction of digital money, and the pressure the people could create
towards Babylon to have better access to decentralized Cryptos, once they overstood the whole game that is being played here...

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Let's make a worst case scenario, sadly enough, it is not so far-fetched:
You have to be Vaxxed to get access, and they could come with this also later... after they let everybody have it...possible trap e.g

True true and worse like how it's not the last plandemic we will see in our life time. That's a good topic for a vlog ( why you shouldn't put all your cash into CBDCs)

Yes, it's introducing them to the digital and getting them used to it. Many will feel more comfortable handling a decentralized asset like Bitcoin then. I heard the wallet provider talking (lynk) saying they want to offer crypto services but of course that all depends on the Bank of Jamaica. If they do it will be a great on/off ramp. The major key missing in JA.

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I heard the wallet provider talking (lynk) saying they want to offer crypto services...

That will be interesting, how that "will go down"...
They are not trying to stop Crypto no more, they will try to regulate/control certain Cryptos they are trying to work with...

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