- Studies have indicated that Kenyans are increasingly using or investing in cryptocurrency.
- In a recent YouTube video, Njoroge questions the benefits of cryptocurrencies for the Kenyan economy.
The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has called the notion of investing the nation’s reserves in bitcoin craziness. Njoroge said 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.
The CBK has issued comments and warnings under Njoroge’s leadership cautioning Kenyan citizens against trading or investing in cryptocurrency. The central bankers of Kenya and Nigeria reportedly stated in June 2022 that cryptocurrencies are too unstable to be a reliable form of payment. The bankers also warned that cryptocurrencies present a risk to the stability of the financial system.
Use of Cryptocurrencies Among Kenyans Is Increasing
Nevertheless, despite Njoroge and the CBK’s objections, studies have indicated that Kenyans are increasingly using or investing in cryptocurrency. However, in a recent YouTube video, Njoroge questions the benefits of cryptocurrencies for the Kenyan economy.
Njoroge stated :
In our economy what problem are they resolving? Are they better vehicles for let’s say payments, transactions? And the answer is no. Are they better in terms of …. security more than a bank account? And the answer is no.
Njoroge also asserted that he is under pressure as he tries to persuade lawmakers not to listen to people touting bitcoin and other cryptocurrencies. But according to Njoroge, he would have to be completely insane to accept this request to convert reserves to bitcoin.