Bitcoin is now banned in JAMAICA

[alex M]

Bitcoin is getting banned in jamaica heard recent news
about this ban, stated by the Bank Of Jamaica avoiding this virtual
currency called bitcoin. if you have anymore news leave in post below.
👍 respect.

Another source of information that I used to refer is this

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

Some peole just use fake news or FUDs so they can buy cheaper
price. But the current trend get's cheaper and cheaper. It's difficult
to prove the original reason though. Anyway, the people I know who
still hodling bitcoin does not anymore care with the news.

Yes, that is true mate. Banning is the most common issue they wanted to spread out but bitcoin users and investors are already aware on this. Considering FUD's or fake news is just a waste of time. I always believe that bitcoin price never get affected of the banning since it survived for more than six years now.

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[bolbau]

I am not easy to believe and trust the news related to banning bitcoin in various countries, because that often happens the news is just a FUD. even if the news related to jamaika that banning bitcoin is true, I do not think it has a significant impact on the crypto market and the community. jamaika is just a developing country that does not even have a track record of the crypto industry, so we need not worry.

[Dudeperfect]

There is a reason that government from every country is worried about Bitcoin and other decentralized crypto coins and as we all know that no one can ban Bitcoin/crypto transactions. Even in the worst case scenario, governments can just impose the ban on crypto to fiat and vice versa transactions. Bitcoin is based on a blockchain technology which relies on the principle of decentralization and that takes away power from the centralized authorities and transfers it to the users. Governments are always greedy for control and hence they are trying hard to eliminate the popularity of cryptocurrencies.

[indopool]

This is exactly like the beginning of the Internet, many of which prohibit the use of the Internet, because it is prone to make a crime media, but see what happens the greater the Internet.
The same thing happens to bitcoin and cryptocurancy.ini can show that although bitcoin is banned by some central banks.
but this will not close access for us to keep using bitcoins.
and for that there is no need to worry about banned bitcoins that are almost very risky in some world banks.
a bit of a concern though I'm sure bitcoin will never die.

[rumexx]

You are not sure of this news. This is called speculation. The Jamaican government might be saying another thing but it may have been misinterpreted by the reporters. let us wait a bit for the official communique from the government of Jamaica.

[Enijesiku Sulaimom]

Jamaica may banned bitcoin now in order to prevent their people from being scam, but i am sure they will review d ban whenever they see the through and genuine picture of the so call bitcoin

[mersal]

I dont think that banning in jamaica will affect the other counties. Maybe thier are ristrictions why thier government baneed for many reasons. Please respect the government. Maybe some other days if the givernment sees nithing weing with bitcoin, maybe it will be back soon.

Yes there is no need of the banning of bitcoin without any reason it cause many people to loss their money so the government need to consider that from the banning of bitcoin and to support us.

[Ikbal Naiem]

Jamaica may ban bitcoin to prevent some kinds of illegal activities. on the other hand their government is unable to control it . soon or later I hope they will legal bitcoin,when they will see it dominate the world.

[huydai]

when that all people know about it's necessary . it wilmore than it was development. There will be a date they know, illegal commands will be ignored, i believe it

[cmacwiz]

Bitcoin is getting banned in jamaica heard recent news
about this ban, stated by the Bank Of Jamaica avoiding this virtual
currency called bitcoin. if you have anymore news leave in post below.
👍 respect.

Bitcoin has been banned in almost all the countries, almost all the countries are against bitcoin , there are about 8 countries who has legalised bitcoin in their nation and has also legalised bitcoin transactions like in Florida, they are accepting bitcoin in payment of taxes by the people , in South Korea they are accepting bitcoin in exchange of selling car as stated by big car selling dealer and the reason behind banning the bitcoin is lack of proper authorised body over bitcoin and therefore these countries do not find bitcoin to be much trust worthy to legalise in their nation.

[kulitmanggis]

in jamaika like it is not very influential if bitcoin is banned in its circulation, which greatly triggers bitcoin price movement is a country that has a very good development and has a highly developed technology.

[12tribes]

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.

[vivekyuvan]

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.

[joebrook]

in jamaika like it is not very influential if bitcoin is banned in its circulation, which greatly triggers bitcoin price movement is a country that has a very good development and has a highly developed technology.

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.

[nyerok]

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.

[Corsicoin]

Bitcoin is getting banned in jamaica heard recent news
about this ban, stated by the Bank Of Jamaica avoiding this virtual
currency called bitcoin. if you have anymore news leave in post below.
👍 respect.

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 

[Veterock]

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

[brylle34]

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

[Geor]

Bitcoin is getting banned in jamaica heard recent news
about this ban, stated by the Bank Of Jamaica avoiding this virtual
currency called bitcoin. if you have anymore news leave in post below.
👍 respect.

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.

[jemerson1420]

why bitcoin getting banned in jamaica?