Kenya’s Central Bank Governor Admits Pressure to Convert Country’s Reserves into Bitcoin

Kenya’s central bank governor, Patrick Njoroge, acknowledged that he was under external pressure from cryptocurrency enthusiasts to convert the nation’s reserves into bitcoin (BTC). In a meeting with lawmakers on September 19, Njoroge described the plan as “crazy,” adding that converting the assets into bitcoin would be risky given the volatile nature of the digital currency. Additionally, he implied that legislators might be under pressure to sway the legislative process in favor of adopting cryptocurrencies. Interestingly, the governor said he was willing to go to prison if the nation adopted bitcoin during his administration. Potential of Adopting Cryptocurrencies Njoroge added that the nation could decide to adopt cryptocurrencies only if they provide a solution to a specific issue. He called for a review of the bitcoin market to get away from the “hype” surrounding digital assets. Kenya’s central bank has warned residents against using cryptocurrencies, citing the associated risks. There aren’t any extensive regulations, nevertheless, to control the industry. In this instance, the organization has circulated chiefly circulars to local banks advising them to exercise caution when interacting with cryptocurrency exchanges or businesses that deal in digital assets. A recent study showing that a record four million Kenyan crypto investors lost money due to the continuing sell-off in the market for digital assets brought atten...