Kenya’s Central Bank Concerned About Cryptocurrency Usage Process

Kenya’s central bank governor, Patrick Njoroge, has acknowledged feeling pressure from cryptocurrency supporters to convert the country’s reserves to Bitcoin (BTC).

According to Njoroge, the concept is crazy, emphasizing that turning the reserves into Bitcoin would be a danger given the volatility of the digital asset, he said at a meeting with members of parliament on September 19.

He also said that MPs may be under pressure to influence the legislative process in favor of cryptocurrency adoption. Surprisingly, the governor stated that if the government adopted Bitcoin during his time, he was willing to go to prison for it.

“I do know you’re under a lot of pressure from some of these people that are pushing these things because for them it is good. I can assure you I have a lot of people that have been pushing me to put our reserves in Bitcoin… I would have been out of my mind with that sort of craziness,” said Njoroge. 

Furthermore, Njoroge stated that the government may only choose to use cryptocurrencies if they answer a specific need. He asked for a review of the cryptocurrency market to get away from the hype surrounding digital assets.

“We see it as sort of something that maybe is being hyped, but we do need to look at it carefully and figure out whether it will resolve a particular problem or not,” he added.

Notably, the Central Bank of Kenya has already issued cautions to residents about the hazards of dealing with cryptocurrencies. However, there are no comprehensive rules in place to govern the sector.

Recent report revealed that a record four million Kenyan crypto investors lost money as a result of the present digital asset market sell-off, emphasizing the gravity of the dangers.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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