Bank of Jamaica Governor: Cryptocurrency ‘Not Sufficiently Stable to Be a Goo...
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....
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According to an announcement from Jamaica’s Prime Minister Andrew Holness the Bank of Jamaica plans to “roll out” its central bank digital currency (CBDC) after the country’s successful pilot last year.
Jamaica’s CBDC Is Due to Launch This Year
Jamaica, the island country situated in the Caribbean Sea is planning to launch its CBDC this year, according to Prime Minister Andrew Holness. The Jamaican bureaucrat tweeted about the CBDC on February 10, when he said: “the Bank of Jamaica will roll out our own digital Jamaican dollar in 2022....
While a number of countries are working on central bank digital currencies (CBDCs), on Tuesday, the Bank of Jamaica (BoJ) announced it will soon be piloting a CBDC project. The BoJ is working with a firm called Ecurrency Mint Incorporated and plans to pilot the cryptocurrency in May. Jamaican CBDC to Pilot this May Jamaica, the island country situated in the Caribbean Sea has plans to pilot a CBDC this May as it has been working with an “extensive procurement process.” The country’s central bank, the BoJ, has chosen a technology provider to help with the CBDC solution.....
The Bank of Jamaica is getting ready to begin testing its planned central bank digital currency in collaboration with financial institutions in the country. Jamaica’s central bank will reportedly commence the initial roll-out of its central bank digital currency (CBDC) project in August.According to a report by the Jamaica Observer on Wednesday, Bank of Jamaica (BOJ) Governor Richard Byles made this known during a Rotary Club event earlier in July.Detailing plans to begin the pilot phase in August, Byles revealed that the BOJ was currently working on the technical aspects of the CBDC....
The Bank of Jamaica plans to issue a total of $1.5 million of CBDC to institutions and authorized payment service providers as part of a pilot ending this December. Jamaica is aggressively progressing with the country’s central bank digital currency (CBDC) as the Bank of Jamaica, or BOJ, has minted the country’s first batch of CBDC.The BOJ officially announced that its dedicated CBDC division demonstrated the process of minting digital currency at a financial ceremony on Monday.The issuing process for a digital version of the Jamaican dollar (JMD) was carried out with participation from....
London-based Bitcoin wallet company, Caricoin is trying to start up a Bitcoin exchange in Jamaica. Caricoin is pitching to the Bank of Jamaica for support in creating their Caribbean exchange which aims to merge Bitcoin with the Caribbean banking system. The BoJ proposal. Till date, Caricoin does not have an official proposal and is currently working on putting it together. They hope that the BoJ will embrace Bitcoin as other banks have with its technology which could put the Bank of Jamaica in a good position to develop Blockchain-based Fintech solutions with a Caricoin-BoJ partnership.....