Bank of Jamaica’s Interest in Bitcoin Sparks Invites Criticism

Change is essential, yet difficult to bring about. Any change is met with resistance, which is usually proportional or in excess to the potential positive impact it can bring about. Bitcoin has set out to change the monetary system for good. And as expected, there are those old-timers who believe that this new payment settlement system is worthless, and the economy should always be in control of the governments.

Dorlan H Francis, an independent financial advisor and the author of “The Economic and Financial Crisis of 2007”, recently penned an article that advocated an outright restriction on Bitcoin and any money that comes close to it. The finance expert went on criticizing the Bank of Jamaica for its willingness to regulate local Bitcoin exchanges.

“Bitcoin and its proponents are not to be recognized,” Francis quoted. “They should be chased away.”

The financial advisor, in his article, calls for a strict control of the monetary system by a centralised body. The view directly conflicts with the origin and evolution of the concept of money.  Further, the article criticizes Caricoin, an initiative to develop a cryptocurrency ecosystem exclusively for the Caribbean nations.

“Any country that allows a private citizen to create currency has lost its mind. What

Read more ... source: TheBitcoinNews