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ECCB WARNS ABOUT VOLATILITY OF CRYPTO ASSETS FOLLOWING FTX CRASH

Bitcoin


December 14, 2022 | By Colin O. Jarrett |

As cryptocurrencies such as Bitcoin Cash become increasingly popular in parts of the Eastern Caribbean Currency Union (ECCU), the trade block’s central bank, is warning the public to be mindful of risks associated with the payment system.

In a statement, the Eastern Caribbean Central Bank, ECCB said it “is aware of the recent increase in the activities of Bitcoin Cash in the ECCU and advises the public that the ECCB does not regulate Bitcoin Cash”.

“The public is hereby advised to be mindful of the risks associated with utilizing Bitcoin Cash or any cryptocurrency as a payment or investment instrument”.

The bank said the Eastern Caribbean, EC Dollar, together with its digital form, DCash are the only currencies considered as legal tender in the ECCU, which is made of Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Anguilla and Montserrat.

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