Wed | Dec 1, 2021

Welcome step to create digital currency branding

Published:Monday | May 10, 2021 | 12:05 AM


Generally, there have been mixed feelings about the recent decision by the Bank of Jamaica (BOJ) to host a competition to select a logo for their digital currency. Meanwhile some are of the opinion that the BOJ should have gone ahead and hired an agency or seek to contract the design services via more professional and traditional means. Though I am with the other half of the public, believing that hosting a competition does a world of good both for the digital currency and for our creatives.

Graphic designing is not found anywhere in our education curriculum at neither the primary nor secondary level; as such, many designers begin their career as a hobby. Many designers across Jamaica are uncertified. Therefore, having something as important and critical as the country’s digital currency in their portfolio would immediately take their portfolio to the next level, allowing them to grow and develop in their field.

While there will only be one winner, giving every graphic designer this opportunity is a brilliant undertaking by the BOJ.

The BOJ is creating a logo which means, very soon, there will be a marketing or sensitising campaign around what this entire digital currency means for the economy and Jamaicans on the whole. This competition would generate awareness and national interest, which can help to give the BOJ a platform to reach out to a larger audience. It is easy to get information out to the public if they are already listening for it. While cryptocurrencies are a little different from digital currencies, the recent surge of Dogecoin, which was considered an Internet joke, began to surge when it was adopted by the masses as the “people’s crypto”.

Unlike cryptocurrencies, digital currencies come with less volatility and have greater security. Digital currencies have the support and backing of their respective financial institutions. Once introduced, they will allow people to make payments via the Internet, and possibly even offline.

For the BOJ digital currency to be a success, it needs to be adopted and be seen as authentically Jamaican. There is no better way of doing this than allowing the digital currency branding to be designed by the people of Jamaica.