As usual, the central banks and governments of several countries have been alerting their citizens about the risks that, in their opinion, implies investing in bitcoin (BTC) and other cryptocurrencies. The Central Bank of Jamaica is precisely one of those that makes these warnings, as part of a plan that seeks to discourage its population from using them by launching its own digital currency.
In recent days, the governor of the Jamaican financial entity, Richard Byles, warned his compatriots on the unpredictable nature of the price of cryptocurrencies during the Jamaica Diaspora Conference.
“We take the time to warn people that those values can go up and down as well,” Byles said at the event, according to local media.
The official clarified that prohibit their usebut they don’t see it as “a good currency for transactions and for making payments,” he said.
Otherwise, consider that a central bank digital currency (CBDC), It is more useful and does not involve risks.
This statement is made after a law was enacted in his country that establishes the native digital currency as legal tender, called Jamaica Digital Exchange or Jam-Dex, a fact reported by CriptoNoticias last week.
“We only support our digital currency, it is not supported by any private investors (…) So, from that point of view, it is stable. The dollar you have in your pocket today is the dollar you have in your pocket tomorrow. It’s not going to go up and down in the market like cryptocurrencies,” he asserted.
These types of warnings about bitcoin and cryptocurrencies arise in a context in which that market has fallen precipitously and in various regions of the world.
In Africa they also pay attention to bitcoin
A market in the red like the one that can be seen today has generated alerts among the governments of the world, which now insist on preventing the use of bitcoin and cryptocurrencies on the African continent. This, specifically within the Regional Consultative Group (RCG) of the Financial Stability Board (FSB) for Sub-Saharan Africa.
A few days ago, the organization that is made up of the Central Bank of West African States (BCEAO) and the Bank of Central African States (BEAC), discussed financial stability, regulatory and supervisory implications of crypto assets and its financial risks, he said in a document.
During the activity, they spoke of a study being carried out by the FSB that evaluates the problems of supervision and regulation related to stablecoins or stable cryptocurrencies and cryptocurrencies that they consider “unbacked”.
Additionally, they discuss the challenges these assets pose for regulators and policymakers in this industry.
Although not mentioned in the document, one of the recent events that may be motivating these organizations to discuss the issue of cryptocurrencies is the adoption of bitcoin by the Central African Republica country that is part of this regional group.