‘Crazy’ converting country’s reserves into bitcoins, says Central Bank of Kenya

Central Bank of Kenya (CBK) senior official Patrick Njoroge has portrayed the placement of the country’s trades in Bitcoin as “insane.” Njoroge, who recently mentored select individuals from Kenya’s legislature, added that if he had agreed to fully convert Kenya’s businesses to bitcoin, he would have to be jailed and the keys to his prison cell disposed of.

Led by Njoroge, the CBK has issued statements and warnings warning Kenyan occupiers against exchanging resources or investing in cryptographic forms of money. For example, in June 2022, Bitcoin.com News revealed that Njoroge, along with Chief Representative of the National Bank of Nigeria (CBN) Delegate Kingsley Obiora, had cited the unpredictability of digital currencies as one reason why they are not becoming widespread can rate technique.

However, despite opposition from Njoroge and the CBK, some research has indicated that the Kenyan occupiers’ use or interest in digital forms of money is developing. For example, crypto trader Paxful recently found that its customers from the country had $125 million worth of computing resources in the first half of 2022.

In any case, in a video recently broadcast on Youtube, Njoroge actually questions the benefits of digital currencies for the Kenyan economy. He said:

What problem would they solve in our economy? Could one say that they are better vehicles for assumed installments, exchanges? Also the answer is no. Are they better in terms of … . Security over a ledger? Also the answer is no.

In his efforts to stop officials from employing people promoting Bitcoin and other cryptocurrency forms of money, Njoroge claimed he would be forced to do the same.

“I’m really aware that you’re under a lot of pressure from some of these people who are pushing these things forward. Because it’s great for them. I can guarantee you I have plenty of people pushing to place our trades in Bitcoin.”

Anyway, Njoroge recommended that he had to be completely insane before agreeing to this call to switch saving entirely to bitcoin.

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