Cryptocurrency Enthusiasts on Twitter Not Happy With Jamaican CBDC Name and Logo

The "Jam-DEX" is named after the Jamaica Digital Exchange following a contest. Their motto is "no cash, no problem!"

The Bank of Jamaica revealed the name of its upcoming central bank digital currency (CBDC) after a design contest, only to draw criticism from the local crypto community.

Jamaica's central bank announced on Twitter that it had chosen the name "Jam-DEX" along with the tagline and logo for its future CBDC, scheduled to debut by the end of 2022. Although the project is promising, its name could easily be confused with a decentralized exchange (DEX), and its logo is "terrible," according to the community response. The name Jam-DEX is said to be taken from the Jamaican Digital Exchange, with the slogan "no cash, no problem!". It was chosen as the winner by the central bank after a contest. Although the winner took home 600,000 Jamaican dollars ($3,800), the community is somewhat dissatisfied with the outcome.

In the world of cryptocurrencies, a "DEX" refers to a decentralized exchange. A decentralized exchange is a platform where there is no centralized authority, but a peer-to-peer network of nodes. These nodes allow users to trade directly with each other without the need for intermediaries. In this model, control of your funds is in your hands, and users interact directly with another person.

We actually have a problem where the judges have out-dated standards, which discourage local designers who apply more international standards to their designs.

As Cointelegraph has already told you, Jamaica revealed its plans to launch a CBDC in 2020 as an alternative to cryptocurrencies, becoming one of the Caribbean countries to do so. The country's central bank has singled out CBDCs and other cryptocurrencies, stating that the latter do not fully meet the requirements of money and are not always backed by a central authority. Nigeria was one of the first countries in the world to launch a CBDC available to everyone. The United States is currently assessing the prospects for a digital dollar. El Salvador, on the other hand, has taken a different approach. The Central American nation has fully embraced a Bitcoin (BTC) instead of developing its own digital currency.