The chief executive officer of Kenya Commercial Bank Joshua Oigara has indicated that Kenya will be ready for cryptocurrencies in the next three years. Oigara said that Kenya cannot escape the wave of cryptocurrencies that sweeping countries. He specifically indicated that blockchain technology which was behind the bitcoin was revolutionary. The blockchain technology is the decentralised ledger that relies on cryptography to ensure that the ledger entries cannot be duplicated.
Oigara however warned Kenyans that investing in bitcoin expecting overnight returns as fallacious because as it was not a get rich quick scheme and there was no shortcut to making overnight returns. He echoed the same sentiments of the Central Bank of Kenya governor Dr Patrick Njoroge who had indicated that bitcoin was a ponzi scheme. The central bank of Kenya governor indicated that Kenya was not yet ready for cryptocurrencies because there was no clear ways in which the bank would regulate the players in the cryptocurrency sector in Kenya. Oigara thinks that despite the conservative tone echoed by the Central Banks of Kenya, many other central banks will be deepening conversation about blockchain technology and how it can be applied to manage transactions in banks and central banks.
The chief executive officer indicated he is certain that within the next three years, the banks will have found ways of utilising blockchain technology which will culminate to the adoption of cryptocurrencies in Kenya. Oigara is the chief executive of the largest bank in Kenya in terms of asset. His sentiments are expected to fan a lot of interest in cryptocurrencies among curious Kenyan who want to invest in the cryptocurrencies in Kenya.
Already Citibank Kenya has released a controversial report that indicated that approximately 165 billion Kenyan shillings were held by Kenyans in form of bitcoins and urged Kenyan government to regulate the sector in order to cushion Kenyans from the risks experienced in the cryptocurrency sector.