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❕NEWS Bank Of Jamaica Issues Warning Against Crypto Transactions

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It is like most of the central bank of different countries are not in support of cryptocurrency transactions . The bank of Jamaica is on the front burner at the moment to earn it citizens to stay of cryptocurrencies transactions. Volatility was the major reason stated by the bank and also acting on the expression of International Settlements (BIS), the global body of central banks, which dismissed cryptocurrencies and stable coins. BIS also called bitcoin as high energy footprint as well as its role in financial crimes like money laundering and ransomware attacks.
Bank of Jamaica is already working with Ireland-based technology firm eCurrency Mint for the rollout of its central bank digital currency (CBDC), tentatively scheduled for early 2022.

Not a good news for the cryptocurrency market in my opinion. Share your thoughts.
 
this can't be a bad news for Cryptocurrency ,one bad news can't overshadow the good news , even if the bank is actually not in support with cryptocurrency ,I think that won't stop çrypto currency to run downward but instead boost futher with trend let's see how things would go on
 
Since they have minted their own Crypto currency such Statements become invalidated and hold no value actually , they launching their own coin is proof things are developing in the island and people are expecting good things from the market which is not bad either actually .
 
Since they have minted their own Crypto currency such Statements become invalidated and hold no value actually , they launching their own coin is proof things are developing in the island and people are expecting good things from the market which is not bad either actually .
I think at times they make this statement for people to take precautions , because now that there are plenty of scam available online , someone needs to be very much careful with the kind of coin they invest on and others , someone needs to be wise in choosing coins obviously too I think
 
Indeed the scam rates are on the rise with the market having faced latest scams the hackers are aware and not wasting any potential opportunity to actually be making money from the people with weak security and this is just about the start to be honest actually as many such scams are about to happen more .
 
I mean while they do have a point what can we expect banks to say? Specially those banks that doesn't have any plan to adapt crypto currency in their system.. it's a huge competition for them why would they say it's good when they can lose costumers because of crypto?
 
I belive this a well know phenomenon in the crypto industry, that banks don't really like cryptocurrency transactions. I've seen multiple articles and complaints from people including in my own country about banks refusing to accept their money that came from crypto exchanges and in some cases they even froze or lock their bank accounts. Not a good thing for crypto market but this is at least going to make some people stop using bank services so it's not good for banks neither
 
Banks might be doing so , but you are seeing why many banks are against the Crypto and how it can damage the economies of developing countries especially if a country buys $10b of a coin and it contracts to $5b half ij a month , would you still invest or save remaining 99.999% will go for saving the remaining assets so the ones that are against Crypto on this reason ; I Salute them for saving their economies indeed .
 
It is like most of the central bank of different countries are not in support of cryptocurrency transactions . The bank of Jamaica is on the front burner at the moment to earn it citizens to stay of cryptocurrencies transactions. Volatility was the major reason stated by the bank and also acting on the expression of International Settlements (BIS), the global body of central banks, which dismissed cryptocurrencies and stable coins. BIS also called bitcoin as high energy footprint as well as its role in financial crimes like money laundering and ransomware attacks.
Bank of Jamaica is already working with Ireland-based technology firm eCurrency Mint for the rollout of its central bank digital currency (CBDC), tentatively scheduled for early 2022.

Not a good news for the cryptocurrency market in my opinion. Share your thoughts.
I am not surprised that this is the case especially after considering the fact that the government of Jamaica is planning on having their own digital currency. Coming to the volatility of cryptocurrency, it is the volatility that makes it profitable and the government should understand that. Fiats are stable and as such one can't make profit easily through it.
 
this can't be a bad news for Cryptocurrency ,one bad news can't overshadow the good news , even if the bank is actually not in support with cryptocurrency ,I think that won't stop çrypto currency to run downward but instead boost futher with trend let's see how things would go on

Jamaica has now been taking a new stance regarding cryptocurrencies and they have been working a lot to create their own cryptocurrency called JAM-Dex. They are also distributing free cash to the One hundred thousand national who try to purchase the token. This is a kind of great strategy they are utilizing in order to promote their digital token.
 
I think i agree with you on this one. I really don't know why banks are not in support of crypto currencies transactions. I can only help but wonder what happened in Jamaica to cause the bank to issue warnings against crypto transactions. It's possible they did nothing. I don't know why banks keep picking on crypto transaction. Are they scared of crypto currencies taking over real money?
 
Are they scared of crypto currencies taking over real money?
That seems to be case or at least that what all CBDC critics like me think.If you look at the growth rate of crypto users,its very alarming and scary for the banks and the entire financial system.According to stats,the crypto adoption rate is at 113% per year even more than the best of 76% of internet adoption and if this growth rates continue this way it would leave the financial system system in less business or eventually out of business,wealth will no longer be concentrated in banks but in crypto as they offer an inflation hedge better than what banks offer.What CBDCs will try to do is to restore the legacy of the ordinary financial system so
 
It is not good news at all. It is so unfortunate to see countries which are forming their Central Bank Digital currency having to ban cryptocurrencies. I know the volatility and their use in criminal transactions is not great. But they could do something to secure it then allow people to trade and invest to earn from its volatile nature. Just like forex traders do.
 
The Role of Crypto And the anonymity of the transactions have a huge role in the formation of the market directon and each move of the strong countries has a direct positive or vice effect on the market , that is why , countries like the Korea and Japan are hugely against Crypto but have somehow allowed it and China has made sure they ban it fully , I Support all countries and allowing a thing is their option but they should educate the people first this way the users will be more careful investing in the markets which is the need and the solution to this thing , problem or issue .
 
It is what crypto users dreaded the most,its ban and now these CBDCs have already created a bad reputation because people will always relate them with the ban of crypto and citizens might ask crypto to be brought back if they are to use these CBDCs.People want crypto to work hand in hand with the CBDCs but the government wants crypto out of the picture,its a digital currency crisis we are going to see
 
Jamaica has now been taking a new stance regarding cryptocurrencies and they have been working a lot to create their own cryptocurrency called JAM-Dex. They are also distributing free cash to the One hundred thousand national who try to purchase the token. This is a kind of great strategy they are utilizing in order to promote their digital token.
I think in as much they have seen that people dont like purchasing those digital token created by the country government ,I guess this is an opportunity the government is using to advertise the token out there ,to increase the awareness of the token ,so people would actually learn about it
 
I don't know why most countries are against cryptocurrency. Should we say that they are scared that cryptocurrency will take over there currency or what.
They are against it now. Hope they will not regret it later because cryptocurrency is coming to take the whole world in the future. They should follow other countries that are benefiting from cryptocurrency
 
I don't know why most countries are against cryptocurrency. Should we say that they are scared that cryptocurrency will take over there currency or what.
They are against it now. Hope they will not regret it later because cryptocurrency is coming to take the whole world in the future. They should follow other countries that are benefiting from cryptocurrency
The factors about why other countries are against crypto are obvious ones and we can't keep repeating them in every thread but let me summarize them for you.
Reason 1:High Volatility
Crypto is highly volatile which means that it won't that favourable as a peer to peer payment method as people don't want to lose their money when they exchange it for crypto.But this volatility suits only the cause of hedge against inflation
2.No regulation
Crypto is unregulated opening doors to crime increases
3.Crypto gives no regard to the banking system
 
I don't know why most countries are against cryptocurrency. Should we say that they are scared that cryptocurrency will take over there currency or what.
They are against it now. Hope they will not regret it later because cryptocurrency is coming to take the whole world in the future. They should follow other countries that are benefiting from cryptocurrency
they are scared that crypto currency would take over ,some government dont want to see such thing happen they are ready to see that cryptocurrency doesn't clinch the top in the future to take over their own already made currency ,the world should see the importance of cryptocurrency too
 
they are scared that crypto currency would take over ,some government dont want to see such thing happen they are ready to see that cryptocurrency doesn't clinch the top in the future to take over their own already made currency ,the world should see the importance of cryptocurrency too
No matter how they try to go against cryptocurrency, what is supposed to happen will happen. Moreover cryptocurrency can never take over the country currency. Maybe when it has a stable price as the country currency, something like that might happen. But for now it is not possible. And no matter how they ban it. People will continue to use it.
 

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