Jamaican CBDC Legal Tender, Jay Z and Jack Dorsey Fund Bitcoin Academy, VET’s 100M UFC Partnership

Jamaican CBDC Legal Tender

Jamaica becomes the first country to legalize a central bank digital currency (CBDC) as legal tender. The Bank of Jamaica (BoJ) legalized the Jam-Dex, short for Jamaica Digital Exchange. The Jam-Dex has been in testing since August 2021, and will officially launch for domestic use later this month. 

“Legislators in Jamaica have all now unanimously moved a digital dollar forward in Jamaica. You can use this to settle any debt in Jamaica. It is the medium of exchange. It is the medium of account,” confirmed the CEO of eCurrency, a CBDC provider. 

Jam-Dex’s slogan is “No cash, no problem.” The CBDC is supposed to offer a more convenient and secure alternative to cash and banknotes. According to a CBDC tracker, 105 countries are researching or developing CBDCs, and ten countries have already launched them. However, Jamaica is the first one to recognize them as legal tender. 

Jay Z and Jack Dorsey Fund Bitcoin Academy 

Jay Z, the American Hip Hop star, and Jack Dorsey, the co-founder of Twitter, are creating the Bitcoin Academy, a program to teach financial literacy in Brooklyn. The Bitcoin Academy project will launch at Marcy Houses, a public housing neighborhood where Jay Z grew up. 

The curriculum will include the modules, “What is Money?" and "What is Blockchain?" The program will have in-person and online classes, beginning later this month. The schedule will include two evening classes per week and will include dinner. 

Two educational groups, Crypto Blockchain Plug and Black Bitcoin Billionaire, will be responsible for administering the learning materials. The program will last until early September and may expand to other neighborhoods. 

VET’s 100M UFC Partnership

Vechain, a blockchain application platform, has signed a $100 million partnership with UFC, the world’s leading mixed martial arts promotion company. The partnership will span over five years. It includes marketing ranging from live events, broadcast features, and in-arena promotion. 

“It is a historical moment when VeChain, the Layer 1 public Blockchain with the most enterprise adoption, joins forces with the fastest growing sport to raise awareness that blockchain technology is critical in helping deliver major global objectives, such as sustainability,” said Sunny Lu, the CEO, and co-founder of VeChain.

Written by Lindi Miti © Crypto University 2022