Wednesday 19 September, 2018

Jamaica Stock Exchange explores cryptocurrencies

PHOTO: AP

PHOTO: AP

The Jamaica Stock Exchange (JSE) has expressed an interest in allowing investors to trade cryptocurrencies on its platform.

The JSE advised that it signed a Memorandum of Understanding with Canada-based Blockstation to explore the possibilities of offering cryptocurrency trading to investors.

"The market will be notified of ongoing developments as the framework and platform to effect such trading is currently being examined," said the Jamaica Stock Exchange. 

There are hundreds of cryptocurrencies but Bitcoin is the most liquid and trades at US$6,500 for one.

Blockstation provides the entire trading ecosystem with a complete end-to-end solution— for investor deposits, compliant trading, custody, clearing and settlement, customized for the traditional exchange adopting digital asset trading. A leading accounting and consulting firm, Soberman Goldstein and Associates (SGA), has estimated the potential value of Blockstation’s software at (CDN) $41 Million.

The JSE's annual Capital Markets Conference has hosted public discussions on the potential for cryptocurrency adoption in Jamaica.

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