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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\u2019 unpredictability means they cannot function as a medium of exchange. <\/strong><\/p>\n 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 \u201cnot sufficiently stable to be a good means of payment.\u201d<\/p>\n In remarks published<\/a> 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. He added:<\/p>\n So, if you\u2019re, hopefully, a sophisticated investor [who] can understand cryptocurrency, go ahead and use it. But we don\u2019t see it as a currency that is good for transactions and for making payments.<\/p>\n<\/blockquote>\n According to the governor, the Jamaican central bank only backs its central bank digital currency (CBDC). He also emphasized that, unlike cryptocurrencies whose value can either go up or down, \u201ca dollar that you have in your pocket today is the dollar that you have in your pocket tomorrow.\u201d<\/p>\n<\/p>\nNot Stable Enough to Be Good Means of Payment<\/h2>\n
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Central Bank to Issue More Cautionary Statements<\/h2>\n