Cryptocurrency is not recognized as legal tender in Jamaica but its use is not prohibited. The Bank of Jamaica does not regulate or supervise cryptocurrencies and has issued multiple advisories reminding the public of potential risks associated with using or investing in these digital currencies. Cryptocurrencies are digital currencies not issued or guaranteed by a central bank or monetary authority, and individuals engaged in their use do so at their own risk (1).
Governor Richard Byles stated that the BOJ continues to advise individuals that it only backs its Central Bank Digital Currency and that cryptocurrencies are not backed by any private investor or government entity. The Bank regards cryptocurrencies as more of an investment instrument because their value is not sufficiently stable to be a good means of payment. The BOJ has published caution statements on virtual and cryptocurrencies in February 2018 and July 2021 indicating to persons who hold cryptocurrencies that the risk is borne by them (2).
"We do take the time to warn people that those values can go up and down, and quite volatilely so too. So, if you're, hopefully, a sophisticated investor who can understand cryptocurrency, go ahead and use it."
Jamaica launched its Central Bank Digital Currency called JAM-DEX following a successful pilot that concluded in December 2021 with phased full-scale rollout commencing in 2022. CBDC differs fundamentally from cryptocurrency as it represents the digital version of Jamaica's fiat currency, is legal tender issued and regulated by the Bank of Jamaica, and can be exchanged one-for-one with bank notes and coins. The dollar individuals have in their pocket today remains stable and does not fluctuate like cryptocurrency (1).
Source:
https://boj.org.jm/bank-of-jamaica-reminder-caution-on-cryptocurrencies/
https://jis.gov.jm/persons-cautioned-about-using-cryptocurrencies/
Last updated: 18-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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