Crypto Twitter Community Is Not Happy With Jamaica’s CBDC Logo

The Crypto Twitter community is not happy with Jamaica’s CBDC Logo as the DEX is named after the Jamaican Digital Exchange and the slogan is “No cash, no problem! So let’s actually see what they have a problem with in our latest cryptocurrency news.

The Bank of Jamaica revealed the name of the upcomign central bank digital currency after a design competition but it recieved backlash from the local crypto community. The central bank of Jamaica announced that it chose its name “Jam-DEX” alogn with the tagline and the logo for its CBDC that is scheduled for late 2022. So far, the project looks promising but its name could be misconstrued as a decentralized exchange the Crypto Twitter community says the logo is terrible.

Can't believe this beat my design lol :
Image 2 (mines) pic.twitter.com/9qHdZPIFkF

— Jamaican Investor (@Jamaican0071) February 17, 2022

The name “Jam-DEX” is said to be taken from the Jamaican Digital Exchange with the slogan “no cash-no problem” and it was picked as the winner after a competition. While the winner took 600,000 Jamaican dollars home the community was not really happy with the result. In the crypto world, a DEX refers to a decentralized exchange which is an exchange where there are no centralized authorities but rather a network of peer-to-peer nodes. The nodes allow users to trade directly with one another without the intermediaries being involved. The control of the funds lies in the hands of the users and you can trade directly with another person.

As the saying goes, "Mi inna mi ackee!"… With the completion of our CBDC name, logo, tagline and image design competition – Bank of Jamaica's digital currency now has a name! See the press release for full details: https://t.co/YqFKi1BV0G #BoJspeaks #CBDCJa pic.twitter.com/fqXglyAJBH

— Bank of Jamaica (@CentralBankJA) February 17, 2022

Jamaica revealed its plans to launch a CBDC in 2020 as an alternative to crypto making it one of the Caribbean countries to do so. The country’s central bank made a difference between CBDC and other cryptocurrencies stating that cryptocurrencies don’t fulfill the requirements of money and are not backed by a core authority.

Nigeria was one of the first countries to launch a CBDC which is open to everyone. The US is evaluating the prospects of the digital dollar and El Salvador, on the other hand, took a different approach with the Central American nation embracing BTC rather than developing its own digital currency.

As recently reported, The statement came after the Central bank deemed its pilot successful and at the end of 2021, the Bank even told the public three schemes were tested during the pilot phase. The statements stemming from Holness reiterated that CBDCs are successful and the digital currency will be the base of the infrastructure