Central Bank Governor Says Kenya’s Position on Cryptocurrencies Hasn’t Changed – Emerging Markets

Kenya's position on cryptocurrencies remains unchanged, Central Bank of Kenya (CBK) Governor Patrick Njoroge said. Njoroge's latest comments come as Kenya continues to cement its position as one of the most cryptocurrency-accepting countries on the African continent.

CBK’s new stance on cryptocurrencies will be unveiled soon

Central Bank of Kenya (CBK) Governor Patrick Njoroge said Kenya's stance on cryptocurrencies remains unchanged. However, Njoroge, who made the comments shortly after CBK's monetary policy announcement, revealed that the central bank will talk more about cryptocurrencies in the near future.

How noted In Kenya's Wall Street report, the governor's reiteration of CBK's stance on cryptocurrencies comes more than six months later Reports It emerged that Kenyan banks issued warnings urging customers to refrain from trading cryptocurrencies.

Njoroge's reaffirmation of the central bank's position on cryptos also comes in the wake of reports that Kenya is now ranked as the highest ranked African country highest percentage of its population who own cryptocurrency. In addition, Kenya is expected to continue leading the global peer-to-peer cryptocurrency market in 2022.

Central bank governor asks for patience

But despite these reports and the... Data Njoroge hinted that Kenya had Africa's second-largest peer-to-peer Bitcoin trading volume in 2021 and appeared to suggest that his institution will be in no rush to make new announcements regarding its stance on cryptos and other products. He said:

I think we will talk about this area in more detail, not just about cryptocurrencies. Cryptocurrency is a leverage, a small area……so we will talk about it in more detail in the near future, but I think medium term. So please be patient…. Suffice to say, our position on none of these products has changed.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer from Zimbabwe. He has written extensively about the economic struggles of some African countries, as well as how digital currencies can provide an escape route for Africans.

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