The Bank of Jamaica Governor Richard Byles has kept his position which is against using crypto-assets. This head of the Caribbean island nation’s central bank also warned consumers intending to utilize the virtual currencies.
We are interested to learn about the different perspectives relating to cryptocurrency use. We think our readers will also be enlightened by this update we are sharing about the Bank of Jamaica’s governor expressing his viewpoints about consumers utilizing crypto-assets in their day-to-day affairs.
According to the news posted online by Nigerian news company The Paradise News, Byles was present in a recent cryptocurrency and digital conference where he gave a speech the Jamaica Information Service published online.
In his remarks, the Bank of Jamaica’s head encouraged sophisticated investors capable of understanding cryptocurrencies to use these virtual assets.
Nonetheless, Byles pointed out that the Jamaican central bank takes its time to caution people regarding privately issued digital currencies’ volatility.
He maintained that cryptocurrencies’ unpredictability translates to the fact that they cannot function as an exchange medium.
Thus, the Bank of Jamaica’s governor said that his institution does not view cryptocurrencies as a favorable means of settling transactions and making payments.
Byles warned the Jamaican public who are cryptocurrency users or intend to utilize their crypto-assets to be mindful of the associated hazards.
He relayed that he considers a cryptocurrency an investment instrument rather than an exchange medium for its value is insufficiently stable to be a good payment means.
The Bank of Jamaica’s chief affirmed that the Jamaican central bank only supports its central bank digital currency or CBDC.
Additionally, he highlighted that the Jamaican dollar people possess in their pockets today is the banknote they have in their pockets tomorrow, which is unlike cryptocurrencies, whose value can either climb or nosedive.
The Bank of Jamaica made it known to the public last December 31, 2021, that it had finished testing its CBDC.
The Caribbean island nation’s central bank is presently spearheading the implementation of Jamaica’s CBDC after this phase’s completion, per the Jamaica Information Service.
Mario Griffiths is the Payment System Policy and Development Department director at the Bank of Jamaica.
He remarked that the Jamaican central bank intends to carry on issuing warning statements, cautioning people of the risks associated with cryptocurrencies.
We gathered that the Bank of Jamaica Governor Richard Byles found cryptocurrencies insufficiently stable to be a good payment means and warned the public to be mindful of the crypto-assets’ unpredictable nature.
We think his stance regarding cryptocurrency utilization is reasonable. We believe he will tweak his anti-cryptocurrency perspective eventually when the virtual currency space resolves the issues it is presently confronted with.
Above all, we understand and appreciate the concern of the Bank of Jamaica’s head for his countrymen.