Bank of Jamaica Governor: Cryptocurrency ‘Not Sufficiently Stable to Be a Good Means of Payment’

The politician of the Jamaican cardinal slope has warned radical utilizing oregon who person plans to usage cryptocurrencies to beryllium mindful of the associated risks. The politician added that cryptocurrencies’ unpredictability means they cannot relation arsenic a mean of exchange.

Not Stable Enough to Be Good Means of Payment

The politician of the Bank of Jamaica, Richard Byles, has cautioned those utilizing oregon readying to usage cryptocurrencies to beryllium mindful of the unpredictable quality of the assets. Byles besides said helium considers cryptocurrency an concern instrumentality alternatively than a mean of speech due to the fact that its worth is “not sufficiently unchangeable to beryllium a bully means of payment.”

In remarks published by Jamaica Information Service (JIS), Byles, who spoke astatine a integer and cryptocurrency conference, said the Jamaican cardinal slope takes clip to pass radical astir the volatility of privately issued integer currencies. He besides said his instauration does not spot crypto arsenic a bully means of settling transactions. He added:

So, if you’re, hopefully, a blase capitalist [who] tin recognize cryptocurrency, spell up and usage it. But we don’t spot it arsenic a currency that is bully for transactions and for making payments.

Central Bank to Issue More Cautionary Statements

According to the governor, the Jamaican cardinal slope lone backs its cardinal slope integer currency (CBDC). He besides emphasized that, dissimilar cryptocurrencies whose worth tin either spell up oregon down, “a dollar that you person successful your pouch contiguous is the dollar that you person successful your pouch tomorrow.”

As antecedently reported by Bitcoin.com News, the Bank of Jamaica announced connected December 31, 2021, that it completed investigating of its CBDC. Following the completion of this phase, the slope is present spearheading the implementation of Jamaica’s CBDC, the JIS study said.

Meanwhile, Mario Griffiths, the bank’s manager for outgo systems and policy, is quoted successful the aforesaid study stating that the Bank of Jamaica plans to proceed issuing cautionary statements that pass radical of the risks that are associated with cryptocurrencies.

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