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Byles urges caution on cryptocurrencies

The Bank of  Jamaica (BoJ) is urging persons using cryptocurrencies to do so cautiously.
 
Central Bank Governor Richard Byles on Friday highlighted the unpredictable nature of the value of cryptocurrencies.
 
He raised the issue during a panel discussion on digital and cryptocurrencies at the Diaspora Conference on Wednesday.
 
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 more as investment instruments because their value is not sufficiently stable to be a good means of  payment, as is the case with a central bank digital currency.
 


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