Kenya's Central Bank Warns Against Virtual Currency Amidst Access Conflict
The Central Bank of Kenya (CBK) has warned that virtual currency is insecure and could fund terrorism, according to the Daily Nation. This comes a day after a court ruled that Safaricom, the nation's largest cell phone provider, will not have to reinstate access for BitPesa, Africa's largest bitcoin trading platform, to M-Pesa, the mobile payment service. BitPesa, a bitcoin payments and remittance service which uses the Safaricom telecom, and Lipisha, the payment gateway for both BitPesa and M-Pesa, are suing Safaricom in Kenya, CCN recently reported. Safaricom stopped Lipisha from....
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Now that Bitcoin is gaining more popularity all over the world; the time has come – once again – for central banks to warn about the potential dangers of digital currency. Just a few days ago, a similar warning was issued by the Minnesota Commerce Commissioner. But this time, it’s the central bank of Kenya issuing a statement on trading or holding Bitcoin and other virtual currencies. Similar to how most central banks in the world would respond, Kenya’s central bank is not a big fan of the “dangers” represented by Bitcoin and other digital currencies. Bitcoin is not regulated in Kenya at....
The Central Bank of Kenya has warned the public against Bitcoin and other virtual currencies, citing that it’s not legal tender and is unregulated. People should therefore desist from transacting in Bitcoin and similar products. There are not many countries left in the world with a buoyant Bitcoin market where the central bank hasn't issued a cautious statement on using cryptocurrency. Now Kenya joins the club of frightened central bankers. “Domestic and international money transfer services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no....
According to Patrick Njoroge, the governor of the Kenyan central bank, the significant number of non-smartphones that are in use in Kenya means launching a central bank digital currency (CBDC) now may be premature and could lead to many citizens being financially excluded.
Central Bank Mulls Delaying CBDC Rollout
The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has suggested the lack of access to smartphones of more than half of Kenya’s mobile phone users is working against its plan to launch a CBDC. He warned the central bank may be forced to delay its....
The Christmas season is a time for giving, spending time with loved ones, and reflecting on all that one should be thankful for. In Kenya, however, this holiday season is a time to spread fear and protect your thiefdom, according to the Kenyan central bank. Bitcoin has been attacked by the Central Bank of Kenya in an official release. Simply marked December 2015, coming out of Nairobi, the central bank says they were tipped off about Bitcoin and its ownership in Kenya by "media reports." In many countries, a notice by the central bank is as powerful as a release by the government itself,....
According to the Governor of Central Bank of Kenya, the country should not hurry to adopt digital currency. While almost every tech-friendly country out there is taking active stands to integrate Bitcoin and its underlying technology, blockchain, into their ecosystems, Kenya seems to be taking it slow. Patrick Njoroge, the Governor of the Central Bank of Kenya, has recently warned that the country should not rush into adopting virtual currencies yet. He doubts if the country is ready to handle the potential complications that may arise in absence of an adequate regulatory setup. Taking cue....