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 Bitcoin is worthless and the economy should always be in control of the governments.

While the nay-sayers continue defending the centralized monetary system and the policies implemented by Central Banks, the global economy heads towards an impending collapse. Dorlan H Francis, a personal financial advisor and the author of “The Economic and Financial Crisis of 2007” is one such person who spares no quarter with his criticism of Bitcoin. In a recent article, on one of the online publications, Francis talks about the adoption of Bitcoin in Jamaica.

The article revolves around a proposed Bitcoin exchange in Jamaica and the willingness of Bank of Jamaica to work with them to ensure regulatory compliance.

“Bitcoin and its proponents are not to be recognized; they should be chased away,” says Dorlan H Francis.

It is interesting to see a financial advisor calling for strict control of the monetary system by a centralized body while forgetting the very origins of money. He also goes on to criticize 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 will the authorities do when Mary Jane decides to reintroduce shark teeth as currency?”

In the present world, many countries believe democracy to be the way of life, some have gone far enough to even force democracy down the throats of other countries with limited success. But Francis doesn’t want the global community to decide upon the type of currency they would like to use in a global economy.

It can be further noted that the person pitching for a centralized monetary system involving central banks, banking, and financial institutions also has a special interest in the 2007 financial crisis, which was brought about by the very banks and financial institutions that are part of a centralized monetary system and which eventually led to the introduction of Bitcoin.

Ref: Jamaica Observer | Image: Planetware