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

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

The governor of the Jamaican central bank has warned people using or who have plans to use cryptocurrencies to be mindful of the associated risks. The governor added that cryptocurrencies’ unpredictability means they cannot function as a medium of exchange.

Not Stable Enough to Be Good Means of Payment

The governor of the Bank of Jamaica, Richard Byles, has cautioned those using or planning to use cryptocurrencies to be mindful of the unpredictable nature of the assets. Byles also said he considers cryptocurrency an investment instrument rather than a medium of exchange because its value is “not sufficiently stable to be a good means of payment.”

In remarks published by Jamaica Information Service (JIS), Byles, who spoke at a digital and cryptocurrency conference, said the Jamaican central bank takes time to warn people about the volatility of privately issued digital currencies. He also said his institution does not see crypto as a good means of settling transactions. Naʻa ne toe pehe:

So, if you’re, hopefully, a sophisticated investor [who] can understand cryptocurrency, go ahead and use it. But we don’t see it as a currency that is good for transactions and for making payments.

Central Bank to Issue More Cautionary Statements

According to the governor, the Jamaican central bank only backs its central bank digital currency (FBDC). He also emphasized that, unlike cryptocurrencies whose value can either go up or down, “a dollar that you have in your pocket today is the dollar that you have in your pocket tomorrow.”

As previously lipooti by Maximumhorrors.com News, the Bank of Jamaica announced on December 31, 2021, that it completed testing of its CBDC. Following the completion of this phase, the bank is now spearheading the implementation of Jamaica’s CBDC, the JIS report said.

Meanwhile, Mario Griffiths, the bank’s director for payment systems and policy, is quoted in the same report stating that the Bank of Jamaica plans to continue issuing cautionary statements that warn people of the risks that are associated with cryptocurrencies.

Ngaahi fakaʻilonga ʻi he talanoá ni

What are your thoughts on this story? Let us know your thoughts in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.














Fakamatala ki he ʻĪmisí: Shutterstock, Pixabay, Wiki Commons, Shutterstock / Craig F Scott

Fakamahino: ʻOku fakataumuʻa pē ʻa e fakamatala ko ʻení ki he ngaahi taumuʻa ʻo e fakamatalá. ʻOku ʻikai ko ha kole fakahangatonu pe kole ha kole ke fakatau pe fakatau atu, pe ko ha fakaongoongolelei pe poupou ki ha faʻahinga koloa, ngaahi ngāue tokoní, pe ngaahi kulupú. Maximumhorrors.com ʻikai ke ne ʻomi ha tokateu, tukuhaú, fakalao, pe faleʻi fakatauhitohi. ʻOku ʻikai fatongia ʻaki ʻe he kautaha pe tokotaha faʻu tohi, fakahangatonu pe ʻikai fakahangatonu, ki ha faʻahinga maumau pe mole naʻe fakatupu pe fakamahamahalo ke fakatupu ʻe he pe fekauʻaki mo hono fakaʻaongaʻi pe falala ki ha faʻahinga meʻa pe, ngaahi koloa pe ngaue ʻoku ha ʻi he fakamatala ko ʻeni.

Lau fakamahino

Vahevahe

Mahalo Ne ʻIkai ke ke Maʻu