Kenyan Central Bank Calls Converting the Nation’s Reserves to Bitcoin “Crazy”

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The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has called the notion of investing the nation’s reserves in bitcoin “crazy.” Njoroge added that if he were to agree to convert Kenya’s reserves to bitcoin, he should be imprisoned and his prison cell’s keys should be destroyed. He was speaking to recently elected members of Kenya’s legislature.

The CBK has issued comments and warnings under Njoroge’s leadership cautioning Kenyan citizens against trading or investing in cryptocurrency. For instance, in June 2022, CryptoAfricaNow(CAN) confirmed that Njoroge and the deputy governor of the Central Bank of Nigeria (CBN), Kingsley Obiora, had identified the volatility of cryptocurrencies as one of the reasons why they could not be adopted as a common payment method.

Njoroge and the CBK may be opposed to cryptocurrencies, but a number of surveys indicate that Kenyans are increasingly using or investing in them. For instance, the peer-to-peer cryptocurrency exchange Paxful recently disclosed that during the first half of 2022, users from the nation had digital assets with a value of $125 million.

“No Problems are Being Solved by Cryptocurrencies,” said Governor Njoroge.

Governor Njoroge, though, continues to cast doubt on cryptocurrencies’ advantages for the Kenyan economy in a new YouTube video. He said:

What issues are they addressing in our economy? For example, are they better vehicles for, let’s say, payments or transactions? And the answer is no. Are they better in terms of security than a bank account? And the answer is no.

Earlier this month, CryptoAfricaNow(CAN) highlighted that the acceptance of cryptocurrencies and their advantages for Kenya’s economy still needs to be better understood by the country’s new government, led by President William Ruto.

Comment on the Governor’s Njoroge viewpoint.

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