cryptonews.net
Kenya's central bank governor Patrick NJOROGE has acknowledged that he is under pressure from cryptocurrency proponents to convert the country's reserves into bitcoin (BTC). Njoroge said the idea could be equated with “craziness,” noting that converting reserves into bitcoin would be risky given the volatility of the digital asset, he said at a meeting with members of parliament on September 19.
He also hinted that there could be pressure on lawmakers to influence the legislative process in favor of adopting cryptocurrencies. The governor of the Central Bank of Kenya noted that if the country goes the way of bitcoin during his tenure, he is ready to go to jail for it. In addition, Njoroge noted that a country can only choose cryptocurrencies if they solve a specific problem. He called for the study of the cryptocurrency sector in order to abandon what he called the “hype” around digital assets.
The Central Bank of Kenya has previously warned citizens about working with cryptocurrencies, citing the associated risks. However, there are no comprehensive rules to govern the sector. The institution mainly issued circulars to local banks urging them to exercise caution when dealing with cryptocurrencies or transactions with digital asset firms. A recent report states that four million Kenyan crypto investors have suffered losses as a result of the ongoing sell-off in the digital asset market.
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