Cryptocurrencies as a means of payment: Too early?

No matter what wind blows cryptocurrencies, they will always have detractors. During the glorious phase, cryptos were already facing attacks from certain financial players. Now that they are in a relatively dark period, the attacks are increasing. Digital assets are once again the target of a bank: that of Jamaica.

Richard Byles warns against cryptocurrencies

The use of cryptocurrencies is mixed and gives rise to many debates. While some see them as the key to financial independence, others believe they are too dangerous to embrace. More and more investors are taking the defense of these digital assets and encouraging to invest for the long term. Given the mixed reactions, it would seem that the more people see their positive side, the more the detractors show their hostility.

With the expansion of cryptocurrencies, it was expected that they would be limited to investments by individuals. But in recent years, many companies have started and recently, some countries have also done so. El Salvador was the first country to adopt cryptos as their official currency. This year, the Central African Republic joined in its momentum. Obviously, this decision did not go unnoticed since it generated many controversies.

If the leaders of these countries remain firm despite the market collapse and the fall of bitcoin, some financial players do not share this opinion. Indeed, the governor of the Bank of Jamaica warns against cryptocurrencies. For him, the volatility of these assets makes it a risky sector and to be taken with a grain of salt.

For Richard Byles, any investor who feels able to master this area can get started. However, the use of digital assets must be limited there! Under no circumstances should they be used as a means of payment. Thus, each investor who embarks on it must know what he is getting into. Speaking at a digital and cryptocurrency conference, Byles said these assets cannot be used for transactions and to make payments because of their volatility. Because of this, the Bank of Jamaica does not recognize them as currency.

Bank of Jamaica only supports its own CBDC

During the digital and cryptocurrency conference, Richard Byles made his hostility to the adoption of cryptocurrencies as a form of currency clear. More and more states are adopting bitcoin, the largest digital asset, as their official currency. The current price of this asset creates many losses to the countries that have already adopted it. Despite everything, the latter affirm that it was the best solution for the development of their countries.

After the exit of the Bank of England, it is the turn of the Bank of Jamaica to give its opinion on the possibility of making cryptocurrencies a currency. According to the Jamaica Information Services (JIS), the Jamaican central bank places particular emphasis on warning users. Indeed, it constantly warns about the risks associated with the use of cryptocurrencies issued by individuals.

According to Richard Byles, the Bank of Jamaica only backs its central bank digital currency (CBDC). For him, a dollar will always be a dollar, regardless of the moment or the passage of time. Cryptocurrencies, on the other hand, are not stable and their volatility creates doubt. According to News, Bank of Jamaica completed testing of its CBDC on December 31, 2021. Meanwhile, the bank’s Director of Systems and Payments Policy, Mario Griffiths, continues to state that the Cryptocurrencies are more of an investment instrument than a medium of exchange.

Cryptocurrencies are once victims of the attack of financial institutions. According to Richard Byles and Mario Griffiths, crypto assets are more of an investment instrument than a medium of exchange. Because of this, the only digital currency they support is that of the Jamaican central bank.

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Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.

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Cryptocurrencies as a means of payment: Too early?

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