Kenya’s Central Bank urged citizens not to invest in cryptocurrencies

The Bank’s Governor Patrick Njoroge stated that digital asset transactions can be illegal

25.03.2022 - 14:45

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What’s new? The Central Bank of Kenya (CBK) Governor Patrick Njoroge stated that the regulator still opposes cryptocurrency transactions. He advised Kenyan citizens to be cautious about investing in highly volatile asset classes. Njoroge added that cryptocurrency transactions are not only unregulated but can also be illegal, The East African reports.

Information on the website of The East African

What does Njoroge say? The Central Bank Governor suggested that investing in cryptocurrencies benefits a small number of people. He explained:

“There are people who are excited about cryptocurrencies because they see it as a sort of investment that they can win big because prices are going up quickly, so they believe they would see a huge return for their investment. But I think that is why we say for every person who wins something, there are hundreds who lose.”

What are the alternatives? In February, Kenya began exploring the issue of central bank digital currencies. The Central Bank’s representatives stated that the use of a CBDC can improve cross-border payments by making them more efficient and less costly.

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