DESCRIBING the Virtual Assets and Virtual Asset Service Providers Bill, 2025 as a "measured" approach, the Central Bank expressed its support for the proposed bill, which seeks to ban all virtual asset activity – trading in bitcoin, NFTs and other digital assets – until 2027.

On September 24, while responding to questions sent to the Central Bank from Newsday, it said virtual assets and the technology behind it can present both opportunities and threats.

"Virtual assets and their underlying technology present opportunities for financial innovation, efficiency and financial inclusion but these can also be undermined by the risks associated with criminal activity. These risks are evident domestically given the publicised reports of investment scams perpetrated on our citizens."