Central bank of Kenya CEO says that bitcoin is a Ponzi scheme

The Central Bank of Kenya governor indicated that they are closely monitoring the crypto currencies. When asked whether Kenya will adopt crypto currencies. The Central Bank of Kenya governor Patrick Njoroge termed bitcoin which was luring unsuspecting buyers and speculators in purchasing the bitcoin at inflated prices.

Dr Patrick Ngugi Njoroge

The governor noted he could not certain when the bubble will burst, but he was certain that the government will not develop regulations for bitcoin in Kenya in the short term. While bitcoin is not illegal in Kenya, the government does not recognise as a currency and has warned its citizens not to use the currency due to the risks posed by the currency such as high volatility which makes the investment risky for Kenyans.

Despite the criticism offered by the Central Bank of Kenya, Kenyans are adopting bitcoins en masse. The transactions in the Local Bitcoins topping to more than KES 25 million as at December compared with KES 15 million in June. This shows that there is increasing adoption of crypto currencies in Kenya. With the Kenyan economy not performing as expected, most tech savvy individuals are opting to invest in digital assets. The digital assets are considered better than saving cash in fiat money. In addition, there is increasing number of people who are sensitizing people about bitcoin and crypto currencies thus making more Kenyans to be confident about crypto currencies.

Recently there was a bitcoin meet up in Nairobi which sensitised people on how to buy and have digital asset. Such meting are still coming up in Nairobi and are expected to increase the adoption of bitcoin and other crypto currencies in Kenya. Other countries which have indicated that they are monitoring crypto currencies are Swaziland whose central bank governor indicated that they are monitoring block chain technology before deciding how to regulate cryptos. Some countries such as Nigeria ad South Africa led in bitcoin use and transactions in Africa.

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mwangisamna
Staff Writer at Cryptobiz Global

I am a crypto enthusiast. A bitcoin trader and consultant in the frontier markets. I also Write and Rewrite. When not writing or rewriting, I read and do some gardening. Author of So You Want to Get Into Courtship?. Practical and Mystical.


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