Persons using cryptocurrencies or who are contemplating this are being urged by the Bank of Jamaica (BOJ) to do so cautiously.
Governor, Richard Byles, says the institution is mindful to advise individuals of the unpredictable nature of cryptocurrencies’ value.
A cryptocurrency is a digital currency designed to function as a medium of exchange that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Mr. Byles said he regards cryptocurrencies as more of an investment instrument “because their value is not sufficiently stable to be a good means of payment,” as is the case with a central bank digital currency CBDC.
