Jamaica Stock Exchange Will Soon Be Trading Cryptocurrencies
It has been announced that the Jamaica Stock Exchange (JSE) will be offering cryptocurrencies as tradeable assets for its clients. In order to create a new digital assets trading platform, it has signed a MoU with blockchain startup Block station. The platform will be live by the end of the year still it’s unclear which token will be listed first.
Marlene Street Forrest, Jamaica Stock Exchange managing director stated to Coindesk, “So the end game at the end of the day is to trade tokens, the endgame starts contracts, the end game is to provide that area of the market that would like this product, to start to do so in a secure manner.”
She explained, Block station is providing the technology while the Jamaica Stock Exchange infrastructure will be networked to the new platform. This will allow the qualified investors to conduct trades or purchases.
Street Forrest stated the stock exchange will continue to look at how blockchain technology will benefit the platform and its clients.
Jai Waterman, the co-founder and chief enterprise architect of Blockstation stated,
“We’re providing the stock exchange the technology for a broker-dealer network and repository so that from end-to-end, their life cycle of trading – just like with securities – they can do the exact same thing with blockchain and cryptocurrencies.”
The Jamaica Stock Exchange is taking its own time to make sure that is launch is safe for the investors.
Street Forrest explained, “We have a steering committee that was designed and formulated to look at the block station product, to look at the blockchain technology in general and to go through the phases to ensure that we understand what we are getting involved with and are also trained in what this entire trading of cryptocurrency involves.”
Jamaica is one of the many Carribean countries where international banks are not that prevalent and commerce outside the country is difficult as a lot of international banks have abandoned them under the premise of De-banking, these countries can benefit heavily from Cryptocurrencies and an open banking system that Blockchain has to offer.
The regulators and the government seems to recognize this and is leaning in the favor of Cryptocurrencies and the development of Blockchain technology.
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