Kenya’s Central Bank Moves to Adopt Bitcoin

[saddampbuh]

The Central Bank of Kenya (CBK) revealed that it will be using Bitcoin to combat various economic crises threatening the country. This move has revealed a contrasting view that many other countries hold towards the digital asset.

Kenya’s apex bank announced its intentions to embrace Bitcoin as a haven from economic difficulties. The CBK stressed that systemic, fiscal, and monetary challenges are major factors that have hindered the country’s growth.

Bitcoin to the Rescue
Governor of the CBK, Patrick Njoroge, said that using the digital asset could help ease the country’s unstable currency. Njoroge elaborated that Kenya is currently vulnerable due to a shortage of foreign currencies and exorbitant loans, which he believes cryptocurrencies can salvage.

 “Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the International Monetary Fund which always claims that the Kenya shilling is overvalued,” Njoroge explained.

https://beincrypto.com/kenyas-central-bank-moves-adopt-bitcoin/

[lifeforcepools]

Banks and bitcoins are incompatible for me.

[Mpamaegbu]

Banks and bitcoins are incompatible for me.

Yeah I know, but adopting it shows a legal backing for it and encourages citizens to indulge it. How do you compare the Kenya news on Bitcoin and that from the CBN of Nigeria a few days ago? Which would you rather prefer? Of course, your answer will convincingly tilt towards Kenya. But the regrettable truth is that the Nigeria CBN banning Bitcoin and other crypto activities won't stop Nigerians from trading those assets, it will only make government lose revenue that ordinarily should be accruing from tax on the assets. I like what Kenya is trying to do.

[bosede1]

Seeing this type of article is encouraging compared to the news that sprouts up last week Friday about a country banning the trading of bitcoin. kenya's central bank move is really going to help the economy and the citizen as well, I hope this will also encourage other countries as well

[Wenbing]

The Central Bank of Kenya (CBK) revealed that it will be using Bitcoin to combat various economic crises threatening the country. This move has revealed a contrasting view that many other countries hold towards the digital asset.

Kenya’s apex bank announced its intentions to embrace Bitcoin as a haven from economic difficulties. The CBK stressed that systemic, fiscal, and monetary challenges are major factors that have hindered the country’s growth.

Bitcoin to the Rescue
Governor of the CBK, Patrick Njoroge, said that using the digital asset could help ease the country’s unstable currency. Njoroge elaborated that Kenya is currently vulnerable due to a shortage of foreign currencies and exorbitant loans, which he believes cryptocurrencies can salvage.

 “Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the International Monetary Fund which always claims that the Kenya shilling is overvalued,” Njoroge explained.

https://beincrypto.com/kenyas-central-bank-moves-adopt-bitcoin/

One thing i love about Kenya is that it provides an enabling environment for her entrepreneurs to thrive. I wish Ngeria follow this leadership of Kenya and their school thought regarding Cryptocurrencies.

I know that the IMF always ask developing economies to devalue their currencies as a requirement for IMF loan. I feel with crypto business activities, there would be more flow of digital hard currencies such as btc.