Kenya Central Bank Governor Patrick Njoroge announced that there is external pressure to convert the country’s reserves into Bitcoin (BTC).
Earlier this year, the Central Bank of Kenya (CBK) consulted the public for an opinion on the digital currency. Taking cryptocurrencies on its agenda from time to time, CBK stated that the central digital currency (CBDC) can protect citizens from risks by providing more secure payment services than private cryptos. In Kenya, which has not yet been studied on digital assets, there is talk of converting the country’s reserves into crypto money.
“Converting Reserves to Bitcoin is Crazy”
Kenya Central Bank Governor Patrick Njoroge said there is pressure from crypto advocates to convert the country’s reserves into Bitcoin (BTC).
In his meeting with members of parliament, Njoroge stated that the idea of converting his reserves into BTC is tantamount to madness given the volatility in the crypto industry. He also pointed out that lawmakers may also be under pressure to adopt cryptocurrencies.
The head of CBK said that the country would prefer to adopt cryptocurrencies only if they solve a specific problem. At the same time, he called for a review to be launched to make sure the crypto industry is not a scam.
CBK has previously issued warnings to citizens about dealing with cryptocurrencies, citing the risks involved. There is also no comprehensive regulation to govern the sector.
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