Central Bank of Kenya Governor Patrick Njoroge has described calls to convert Kenya’s reserves to Bitcoin as “madness”. He added that he must be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like Bitcoin are not only volatile but also incapable of solving any problem.
CBK Governor Says Converting Kenya’s Reserves To Bitcoin Deserves Jail Time.
Central Bank of Kenya Governor Patrick Njoroge has described the idea of putting the country’s reserves into Bitcoin as “madness”. Addressing the recently elected members of the Kenyan Legislative Council, Njoroge added that if he agreed to convert Kenya’s reserves to Bitcoin, he should be jailed and given the keys to his prison cell.
Under Njoroge’s stewardship, the CBK issued statements and recommendations warning Kenyans against trading or investing in cryptocurrencies. For example, Bitcoin.com News reported in June 2022 that Njoroge, along with Central Bank of Nigeria (CBN) Deputy Governor Kingsley Obera, cited the volatility of cryptocurrencies as one of the reasons for not becoming a widely used payment method.
However, despite Njoroge’s and CBK’s objections, several studies have indicated that Kenyans are using or investing in cryptocurrencies on the rise. For example, peer-to-peer crypto exchange Paxful recently revealed that in the first half of 2022, its users had an estimated $125 million worth of digital assets in the country.
Njoroge: There is no problem being solved by cryptocurrencies.
However, in a recent video uploaded to Youtube, Njoroge still questions the benefits of cryptocurrencies for the Kenyan economy. he said:
What problem are you solving in our economy? Are payments, say transactions, better vehicles? The answer is no. Are they better at…? More security than a bank account? The answer is no.
In addition, Njoroge said he is under pressure in his attempts to stop lawmakers from entertaining individuals promoting Bitcoin and other cryptocurrencies.
“I know you’re under a lot of pressure from some of these people pushing these things. Because it’s good for them. I can assure you that I have many people pushing to put our stock in Bitcoin.
Njoroge, however, pointed out that he must be out of his mind before agreeing to this call to convert reserves into Bitcoin.
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