The Jamaican central bank disclosed the title of its forthcoming CBDC (central bank digital currency), just to attract severe criticism on the behalf of the native crypto community. The central bank declared through Twitter to have had selected the title “Jam-Dex” as well as the logo and the tagline for the approaching CBDC thereof, planned for the latter part of this year. Though the respective project is favorable, the name thereof could cause easy confusion with a DEX (decentralized exchange), and the logo is also terrible, as per the response given by the community.

The title “Jam-Dex” also reportedly resembles Jamaican Digital Exchange. The respective title was declared a winner on the behalf of the central bank after an event of competition where it provided J$600,000 (nearly $3,800) to the champion. Even though, the community is not satisfied with the current consequences. Across the world of cryptocurrency, a DEX is normally considered to be an exchange having no centralized power, but instead a system of peer-to-peer nodes.

The respective nodes permit the consumers to perform straight trading without the involvement of any intermediaries. In this system, the consumers have control of their funds as they directly trade them with other people. The native crypto community was excited about seeing the rejected models. A few of the other contestants were not delighted with the conclusive results. Another from the consumers asserted that the standards have been outdated by the judges.

The user mentioned that there is a problem as this situation is discouraging for the native designers who implement the worldwide standards over the designs thereof. The rest of them were only apprehensive about the logo of the project, saying that it would not be taken seriously. It was reported earlier that the country revealed the plans thereof for introducing a CBDC during 2020 to provide a substitute for cryptocurrencies.

Jamaican central bank delineated a difference between the CBDCs as well as the rest of the cryptocurrencies, indicating that the money-based requirements are not completely fulfilled on the behalf of cryptocurrencies and that a specific authority does not always back them. Nigeria had a place among the earliest countries across the globe to introduce a CBDC which would be accessible to the whole population. Currently, the United States is assessing the scope and the use cases of its digital dollar.