Jamaica is Jammin’ On Crypto

Jamaica Stock Exchange
Jamaica Stock Exchange (JSE)

Do you accept crypto? Ya mon! Any country that produces the best music, (reggae), gives birth to Bob Marley and the Wailers, produces not only the best marijuana strains but the best coffee in the world (Jamaica Blue) is sure to get in on crypto. Cryptodesk reported that the Jamaica Stock Exchange (JSE) will soon be offering cryptocurrencies as tradable  assets for clients.

According to JSE managing director Marlene Street Forrest, “The end game at the end of the day is to trade tokens, the end game is smart 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.”

According to Cryptodesk, The Jamaica Stock Exchange (JSE) “signed a memorandum of understanding (MoU) with blockchain startup Blockstation for the creation of a new digital assets trading platform.” Forrest added, “Blockstation is providing the technology, she explained, while the JSE’s infrastructure will be networked to the new platform, allowing qualified investors to conduct purchases or trades.”

Blockstation co-founder and chief enterprise architect Jai Waterman noted, “Our mission is to provide … a secure method of trading cryptocurrencies with broker-dealers and stock exchanges,” he said. “We’re providing the stock exchange the technology for a broker-dealer network and depository, 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 JSE is in no rush, however, and is taking its time to ensure that the launch is safe for investors, Street Forrest said.

“We have a steering committee that was designed and formulated to look at the Blockstation 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,” she explained.

As such, she said, the exchange’s integration of blockchain will be “gradual.”