“Bitcoin on the balance sheet of the central bank, a madness”: in Kenya, cryptos do not pass

Bitcoin: inevitable? – The central bankers across the planet are doing everything they can to try to stave off the exponential wave of adoption of Bitcoin (BTC) and cryptos. But the pressure has become too great to stop this tsunami. The Central Bank of Russia has already capitulated for example. The governor of the Central Bank of Kenya may soon have to give in to Bitcoin too.

No BTC in Kenyan central bank accounts

Patrick Njorogethe governor of the Central Bank of Kenyarecently spoke about the thrust growing from Bitcoin and crypto-assets in his country. To the point that some suggest that he leave the central bank buy BTC obviously, like reports in particular Finbold:

“I know you’re under a lot of pressure from some of these people pushing these things [les cryptos décentralisées] because for them, it’s a good thing. I can assure you that I have many people who pushed me to convert our reserves into bitcoins. (…) I would have lost my mind with this kind of madness. »

According to the central banker, Kenyan legislators would be under pressure from a kind of real lobby calling to adoption cryptocurrencies in this African country. Does he fear a pro-crypto law ?

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Bitcoin and cryptos “do not bring anything”

Like all the great fundraisers on the planet, Patrick Njoroge would surely prefer his institution to issue its own central bank digital currency (MNBC). Especially since in his eyes, decentralized cryptocurrencies are, so to speak, useless.

“In our economy, what problem do they solve? Are they better vehicles for, say, payments, you know, transactions. The answer is no. (…) We consider this to be something that may be hyped, but we have to look at it carefully and determine whether it will solve a particular problem or not. »

What the Central Bank of Kenya would like is above all regulation to break the back of Bitcoin and cryptos, by putting a heavy burden on them regulatory straightjacket. A bit like in the United States or the European Union in short.

That said, one can understand the deep concern of the central banker. Indeed, if the adoption of Bitcoin and cryptocurrencies is already strong in AfricaKenyans are also among the most vulnerable Africans crypto enthusiasts of their continent. A real threat to fiat currencies printed by central banks.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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