• Governor of Kenya’s Central Bank Admits Need to Exchange Reserves for Bitcoin

  • Kenya’s governor of the central bank, Patrick NJOROGE, has revealed that supporters of cryptocurrencies are pressuring him to exchange the nation’s assets for bitcoin (BTC). At a meeting with lawmakers on September 19, Njoroge said the notion might be compared to “craziness,” adding that changing reserves into bitcoin would be perilous given the volatile nature of the digital commodity.

    Additionally, he made a suggestion that lawmakers would face pressure to sway the legislative process in favor of the adoption of cryptocurrencies. The governor of the Central Bank of Kenya stated that he is prepared to go to jail for it if the nation adopts bitcoin under his administration. Njoroge also said that a nation may only choose cryptocurrencies if they help to tackle a certain issue. In order to end the “hype” around digital assets, he demanded research into the bitcoin industry.

    The Central Bank of Kenya has previously cautioned people against using cryptocurrency due to the dangers involved. To govern the industry, there aren’t any detailed regulations, though. The organization primarily distributed circulars to regional banks advising them to use caution when interacting with cryptocurrencies or making transactions with companies that deal in digital assets. According to a recent estimate, the ongoing sell-off in the market for digital assets has caused losses for four million Kenyan crypto investors.

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