The Central Bank of Jamaica Seeks To Build Cryptocurrency Awareness

It was reported recently by the Jamaica Information Service (JIS) that the Bank of Jamaica (BOJ) is “building cryptocurrency awareness.” The Deputy Governor of the BOJ, Livingstone Morrison provided this statement on Wednesday, 23rd August, 2017 at the central bank’s quarterly media briefing. He mentioned that the central bank must create opportunities for the exploitation of certain technologies, including cryptocurrency, while identifying that such technologies should not pose undue risk to the local financial system.

An internal group of persons has been established by the Bank to build awareness of these kinds of technological happenings across the world. “They (the group) are also guiding regional efforts. In this particular development (use of cryptocurrencies), whatever we do in Jamaica will have a ripple effect across the region, certainly if the benefits are to be fully accessed,” Morrison said.

The Deputy Governor stated that the benefits available to Jamaica “lie in embracing the wider use of opportunities that the current technology provides”.

Cryptocurrency is a medium of exchange like normal currencies, such as the United States dollar, but is designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. In its simplest form, cryptocurrency is digital currency.

The state sponsored outlet named a Bitcoin wallet and money transfer service called Caricoin is exploring opportunities for establishment in Jamaica, noting that they have been in discussion with the central bank. The UK-based company has been working to enter the Jamaican market since 2016, and is attempting to offer Jamaicans an easy onramp into the world of cryptocurrency.