Kenya’s central bank governor Patrick Njoroge has described as “madness” calling for the conversion of Kenya’s reserves into bitcoin. He added that he would have to lose his mind before agreeing to this. Njoroge argues that cryptocurrencies like bitcoin are not only volatile but also hardly solve any problems.
CBK Governor Says Converting Kenya’s Reserves To Bitcoin Needs Jail Time
The Governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has described the idea of putting the country’s reserves into bitcoin as “madness”. Njoroge, who was speaking to recently elected members of the Kenyan legislature, added that if he ever agreed to convert Kenya’s reserves to bitcoin, he would be jailed and key in his cell must be abandoned.
Under the stewardship of Njoroge, CBK has issued statements and advice warning Kenyans against trading or investing in cryptocurrencies. For example, Bitcoin.com News report in June 2022, Njoroge, along with the Deputy Governor of the Central Bank of Nigeria (CBN) Kingsley Obiora, cited the volatility of cryptocurrencies as one of the reasons why they cannot become a method. Payment is widely used.
However, despite the objections of Njoroge and CBK, several studies have suggested that Kenyans’ use or investment in cryptocurrencies is increasing. For example, the recent peer-to-peer crypto exchange Paxful disclosure that their users from the country have $125 million worth of digital assets in the first half of 2022.
Njoroge: No Problem Solved With Cryptocurrency
However, in a video Recently uploaded to Youtube, Njoroge still questions the benefits of cryptocurrencies for the Kenyan economy. He say:
In our economy, what problem are they solving? Are they a better medium for payments or transactions? And the answer is no. Are they better in terms of…. More secure than a bank account? And the answer is no.
Furthermore, in an effort to discourage lawmakers from entertaining individuals with the hype of bitcoin and other cryptocurrencies, Njoroge claims that he is also under pressure.
“I know you’re under a lot of pressure from some of the people pushing these things. Because it’s good for them. I can assure you that I have a lot of people pushing our reserves in bitcoin. “
However, Njoroge hinted that he would have to lose his mind before agreeing to this call to convert reserves to bitcoin.
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