Bank of Jamaica exploring opportunities for cryptocurrency use

The Deputy Governor of the Bank of Jamaica, Livingstone Morrison, has revealed that the central bank is exploring opportunities for the exploitation of “certain technologies” which include cryptocurrency.

According to Morrison, the Bank of Jamaica has established an internal team which is working to build awareness of these kinds of technologies and their use around the world, adding that such technologies should not pose undue risk to the local financial system.

“They (the team) are also guiding regional efforts.
In this particular development – the 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,” he said.

Morrison noted 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 U. S. 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.

An example of a digital currency is bitcoin. It can be traded for goods and services with vendors who accept bitcoins as payment.
Locally, a bitcoin exchange called Caricoin is exploring opportunities for establishment in Jamaica.

The company behind Caricoin, requires approval from the Bank of Jamaica to operate and has been in discussion with the central bank.
Any approval from the central bank is likely to take shape in the form of mobile money.

Source: Jamaica Information Service