CBK: Converting Kenyan Reserved into Bitcoin Madness.
- Blog
- September 27, 2022
CBK: Converting Kenyan Reserved into Bitcoin Madness.
The Central Bank of Kenya (CBK) governor, Patrick Njoroge, believes the notion of investing the nation’s reserves in bitcoin is craziness. For Njoroge to agree to convert Kenya’s reserves to bitcoin, he said he should be imprisoned, and his prison cell’s keys should be destroyed.
The CBK has issued warnings to caution citizens against trading or investing in cryptocurrency under Njoroge’s leadership. According to the statements of the central bankers of Kenya and Nigeria, cryptocurrencies are too unstable to be a reliable form of payment. The bankers also warned of the financial system’s instability that cryptocurrencies could inspire.
Nonetheless, Kenyans continue to use or invest in cryptocurrency increasingly. In a recent YouTube video, Njoroge questions how exactly cryptocurrencies benefit the Kenyan economy. He questions what problem cryptocurrencies are really resolving. Are they better for payments or transactions? Are they more secure? “The answer is no,” he says.
He also asserted that he is being pressurized as he tries to convince lawmakers not to listen to people swearing by bitcoin and other cryptocurrencies. He said he would have to be completely insane to allow the conversion of reserves to bitcoin.
