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Kenyan Central Bank reiterates stance on crypto

Kenyan Central Bank

The Kenyan Central Bank has voiced its displeasure towards a new proposal regarding digital assets in the country. According to the bank governor, it will be crazy for anyone to think and feel that the country needs to convert its reserves into the leading digital asset, Bitcoin. The governor also noted that there would have to be a dire need before he agreed to this proposal. In his view, digital assets are volatile, and asides from that, they do not solve any real-life issues.

Kenyan Central Bank issues warnings against crypto

In his statement, while addressing legislature members, the Kenyan Central Bank boss Njoroge mentioned that the idea was crazy. According to the governor, any day he concedes to that idea, the police must put him in jail and have the keys to the cell thrown in the ocean.

Under his reign as the bank governor, there have been several warnings to the public about the risky nature of investments in digital assets and connected financial instruments. Some months ago, the Kenyan Central Bank boss mentioned that digital assets could not be generally accepted for payments due to their volatility. He echoed the statement made by one of the top executives of the central bank of Nigeria.

Njoroge says he is under pressure

Reports have claimed that despite the continued statements against digital assets, residents in Kenya have continued to invest in the assets. A recent survey by Paxful showed that its users inside the country owned digital assets valued at $125 million in the first half of this year. Despite that, Nioroge is less than impressed with the assets, questioning the real-life problems that they seek to solve. He claims he is under immense pressure to join the bandwagon, exciting and accepting digital assets.

This is why he mentioned that many people are pushing for the country’s reserve to be moved to crypto. However, he noted that he has no plans even in the nearest future to see to it that it happens. Crypto has been seeing red over the last few months as the bearish trend in the market continues to persist. Bitcoin is leading the pack with the digital asset losing a massive chunk of its value that was brought into 2022.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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