Topic: Bitcoin is now banned in JAMAICA (Read 1022 times)

Unfortunate for jamaicans, but looking at the big picture it doesn't really matter what Jamaica does or doesn't do. They are small fish.

It will be quite unfortunate if it is really true that they have such a decision. I don't understand why some banks or government have a bad notion about bitcoin. I believe is all because of the fake news and impression people are creating about the coin. Bitcoin will continue to ruin.

May be due to black money issues of criminals. But we have to respect their decision

Unfortunately, the ban each country has a negative impact on bitcoin. But I hope that the countries that banned bitcoin will be very, very few.

Just shows their central bank sees bitcoin as a threat.

I don't think that Jamaica's ban on cryptocurrencies will have a big impact on Bitcoin. The country itself is not so important to cryptocurrencies, so its attitude will not have much impact on cryptocurrencies.

Correct, We need to respect their decision because every nation are different and they have a different point of view on different aspects or things. We can't expect every countriy in this world to accept Bitcoin or other forms of crypto currencies. 

I think you're wrong on what you are saying about Bitcoin in the Philippines, The usage of Bitcoin in the Philippines is not legalized yet but it is not illegal to use it or have it. There are difference between "Legal" and "Not Illegal" If Bitcoin is Legalized in the Philippines there should be rules and regulations passed by the government on how to use this crypto currency but there isn't, Am I right? This means The usage of Bitcoin in the Philippines is not legalized yet but citizens of this country are allowed to use Bitcoin. For example Japan, they already legalized the usage of Bitcoin because they already have rules and regulations on how to use and possess Bitcoin and it is approved by their law makers. It looks the same but they are totally different. 

Certainly we must obey the rules of the government, whether the ban or obligation as citizens ngara. it is unfortunate if JAMAICA countries prohibit Bitcoin, other countries such as the Philippines have legalized Bitcoin, of course JAMAICA will be left behind from the side of Economics, Technology and even from the political side will surely lag.
the JAMAICA government must be able to accept Bitcoin to avoid backwardness from other countries.

Well,  every country has it's own law that every man should follow,  that is their nation and their law.  But even if other countries officially banned from using bitcoin i believe that in the future they will surely used it too upon learning more about crypto.

Most governments all over the world are completely against bitcoin from the beginning, they consider bitcoin as a threat to traditional financial system, so this decision is not a surprise.

These things are very normal. Each country has its own regulations. However, BTC still exists and develops.

why bitcoin getting banned in jamaica?

I think jamaica can also be banned because many countries banned it, but then it is starting to support all countries in a state of understanding that it is indeed a huge and unavoidable situation.

Tony Morrison, director of communications at the Bank of Jamaica, stated in a press release: “The Bank of Jamaica is aware of reports of investments in virtual currencies and the use of these types of instruments for the settlement of economic transactions. In light of these reports, the Bank is advising the public to exercise caution in the use of virtual currencies (cryptocurrencies) given the associated risks and the absence of appropriate governance and consumer protection arrangements.”

Morrison reminds the public that Bitcoin or any other type of cryptocurrency is not legal tender in Jamaica.

Morrison explains, “The Bank is committed to the process of facilitating the enhanced use of technology in the provision of financial services, while preserving financial and payment system stability. In this regard, although virtual currencies with blockchain as the underlying technology may have benefits, such as the potential to promote financial inclusion, the following risks need to be taken into consideration:

1.Virtual currencies are not legal tender in Jamaica.

2. Bank of Jamaica neither issues nor backs virtual currencies.

3.Virtual currencies are not foreign currencies as there is no monetary authority that issues or backs them.

4. Bank of Jamaica does not regulate or supervise virtual currencies.

5. Bank of Jamaica has not authorised any entity to operate a virtual currency platform.

6.Transactions in virtual currencies, such as Bitcoin, are susceptible to abuse by criminals and may facilitate money laundering and the financing of terrorism.

Morrison continues, “In light of the above, Bank of Jamaica, while committed to supporting financial innovation, will continue to closely monitor the evolution and potential implications of virtual currencies. Regulatory strategies will be pursued where appropriate, and the requisite advisories will be issued if deemed necessary. Please be advised that there are no legislation arrangements under the purview of Bank of Jamaica that provide protection for loss arising from the use of virtual currencies.”

The country wants to remind their country men to be cautious on digital currencies, there are no banks that is trading digital to cryptocurrency but on the news they dont ban bitcoin. on what the statement of the director of Jamica Bank they don't closed the door on digital currency they are studying on it, every country knows the digital currency is the future of payment system

soure http://www.jamaicaobserver.com/business-observer/boj-advises-public-against-bitcoin-and-cryptocurrencies-money-backed-by-the-internet-not-the-government_124590?profile=1056

I just can't understand why poor countries are trying to block bitcoin, if they can make money on it)

You can’t ban bitcoin from a country!
You just can force people to keep btc in the wallet and wait for better days but that’s all “they” can do!
Don’t fear governments they’ll soon crumble under their own weight 

several times bad news that tries to destroy bitcoin prices because I think bitcoin is still easy to attack some bad news like that and I hope for new players do not easily fooled.

Even if th currency is banned there it’s not going to cause a major issue at all because Jamaica is not a major player in the crypto world, it would have been a problem if Japan or Germany would have announced a ban.

The Jamaica Information Service (JIS) recently reported that the Bank of Jamaica (BOJ) is “building cryptocurrency awareness.” The statement was provided on Wednesday, by the Bank of Jamaica (BOJ) Deputy Governor Livingstone Morrison, at the central bank’s quarterly media briefing.

Morrison says the central bank must create opportunities for the exploitation of certain technologies, including cryptocurrency, while pointing out that such technologies should not pose undue risk to the local financial system.

The Bank has subsequently established an internal group of persons who are working to build awareness of these kinds of technological happenings across the world. The group are also guiding regional efforts.

The nation of bitcoin should understudy and desire to know what is going on in the Asian countries and how they stand to benefit from the crypto movement, rather than allowing speculations and hearsay destroy the advantage they could leverage on the bitcoin.