KINGSTON, Jamaica — The Bank of Jamaica (BOJ) is reminding the public of the potential risks of using or investing in cryptocurrencies.

Cryptocurrencies are digital currencies that are not issued or guaranteed by a central bank or a monetary authority. They are also not legal tender in Jamaica.

Noting that it does not regulate or supervise these forms of digital currencies, BOJ cautioned the public to be aware of the various risks associated with the use of cryptocurrencies including high volatility causing significant fluctuation in value; the use of cryptocurrencies in the conduct of criminal activities, including money laundering and the financing of terrorism; higher degree of cyber-fraud/hacking; and settlement risks that may arise as this currency is not issued or backed by the central bank or other monetary authority.

The bank further reminded that individuals engaged in the use of cryptocurrencies are doing so at their own risk and are urged to conduct appropriate due diligence.