Kenyan Central Bank Says It’s ‘Craziness’ to Convert Country’s Reserves to Bitcoin – Africa Bitcoin News


Kenya’s central bank governor Patrick Njoroge has described as “madness” the calls to convert Kenya’s reserves into bitcoin. He added that he would have to be crazy to agree to that. Njoroge argued that cryptocurrencies like bitcoin are not only volatile but hardly solve any problem.

CBK Governor Says Converting Kenya’s Reserves to Bitcoin Worth Jail Term

The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has described the idea of ​​putting the country’s reserves in bitcoin as “madness”. Njoroge, who was addressing recently elected members of Kenya’s parliament, added that if it happened that he agreed to convert Kenya’s reserves to bitcoin, he should be jailed and the keys to his prison cell should be thrown away.

Under Njoroge’s administration, the CBK has issued statements and advisories warning Kenyan residents against trading or investing in cryptocurrencies. For example, News reported in June 2022 that Njoroge, together with the Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Obiora, cited the volatility of cryptocurrencies as one of the reasons why they cannot become widely used. payment method

However, despite the opposition of Njoroge and the CBK, several studies have suggested that the use of Kenyan residents or investment in cryptocurrencies is growing. For example, the peer-to-peer cryptocurrency exchange Paxful recently revealed that its users from the country had digital assets valued at $125 million during the first half of 2022.

Njoroge: No Problems Solved by Cryptocurrencies

However, in a video recently uploaded to Youtube, Njoroge still questions the benefits of cryptocurrencies for the Kenyan economy. He said:

In our economy what problem do they solve? Are they better vehicles for let’s say payments, transactions? And the answer is no. Are they better in terms of… security more than a bank account? And the answer is no.

Further, in his attempts to dissuade lawmakers from entertaining individuals hyping bitcoin and other cryptocurrencies, Njoroge claimed that he too is being pressured.

“I know you’re under a lot of pressure from some of these people who are pushing these things. Because it’s good for them. I can assure you that I have many people who are pushing to put our reserves in bitcoin.

Njoroge however suggested that he should be out of his mind before he agrees to this call to convert reserves to bitcoin.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, author and writer. He has written extensively about the economic problems of some African countries and how digital currencies can provide Africans with an escape route.

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