Prime Andrew Holness And Opposition Leader Mark Golding Spar on Digital Currency
On Monday May 29 the leader of Opposition Peoples National Party (PNP) Mark posted a video on social media discussing the concerns of Jamaicans and many people around the world about the introduction of digital currency in our society.
Many people are very concerned about the digital currency and the impact it will have on our freedom and how we navigate society in the future. Golding wrote on “social media that Digital Currency must be an option not a mandate. Right now there was billions spent on new bank notes that can’t even be used in ATM’s. We need a #NewDirection where plans are properly thought out and implemented instead of photo opportunities. #TimeCome.”
On May 31, Prime Minister Andrew Holness decided to address the issue responding to the concern of the Jamaican public.
The PNP Leader, Mark Golding was in the audience when Holness turned the camera on him and call Golding out for what Holness says are lies about digital currency. According to Holness, he recently came across some concerns circulating on the internet, even among my good friend, the Leader of the Opposition, regarding digital payments. He said, “let me clarify that the government has no intention of removing cash, meaning paper money, from our system.
“I must express my worry about the spread of misinformation, especially by people who should know better, and the number of people who seem to believe these rumours. It raises concerns about the kind of information Jamaicans are consuming. As your Prime Minister, I have a duty to address and debunk such falsehoods.” Holness emphasize the convenience and practicality of the new notes for making payments are evident. Therefore, it would be nonsensical to invest in their implementation and then suddenly decide to remove them, he said.
Social Media Vlogger @Johnson.fe discussed the issue on digital currency. According to Johnson, under Central Bank Digital Currencies (CBDC), you will never be able to pull your money out of the bank. He said the money will also be programmable and be tied to geographical locations. For example, if the government do not want you to spend your money outside of Portland, you won’t be able to do so because you will be locked out of that location if you want to purchase goods or services.
He also argued that the money can be expired. According to this vlogger, the money can be programmed to be expired. Meaning that after receiving wages it can be set to be expired within a year. He pointed out issues of what is happening in Canada and said that could also happen in Jamaica. He said the digital currency is dangerous and the government will even be able to know exactly how much money you have and how you spend it. Despite there is no proof of what he is saying, there are thousands of video on social media making said statements and claims about the digital currency.
Jamaica Live reported on the roll out of digital currency in Jamaica on February 14, 2022
According to Euro News, Jamaica is part of a worldwide pilot scheme to launch digital currency this year. The Central Bank Digital Currencies (CBDC) is essentially electronic cash. Like traditional fiat currencies, it gives holders a direct claim on the central bank and allows businesses and individuals to make electronic payments and transfers.
Digital money (or digital currency) refers to any means of payment that exists in a purely electronic form. Digital money is not physically tangible like a dollar bill or a coin. It is accounted for and transferred using online systems. One well-known form of digital money is the cryptocurrency Bitcoin.
On February 10, 2022, Prime Minister Andrew Holness put out a series of Tweets in regards to Jamaica’s path to Digital Currency. He wrote, The Bank of Jamaica will roll out our own digital Jamaican dollar in 2022 after a successful pilot during 2021.
Jamaica’s prime minister Andrew Holness confirmed that the Bank of Jamaica will roll out a digital Jamaican dollar in 2022 following a successful pilot last year.
“This will serve as a foundation for Jamaica’s digital payments architecture and will facilitate greater financial inclusion, increase transaction velocity while reducing the cost of banking for the Jamaican people,” he said on Thursday.