Kenya’s Apex Bank Governor Under Pressure to Convert Their Foreign Reserves to Bitcoin

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The governor of the Apex Bank of Kenya says he is under pressure from those who propose that the foreign reserves should be converted to Bitcoin Kenya’s Apex Bank governor, Njoroge Patrick, speaks during a parliamentary meeting saying that he considered this suggestion to be nonsense. He stressed the fact that the decision to convert the country’s foreign reserve to cryptocurrency is a very risky move. This is because cryptocurrencies are very volatile.

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The governor hinted, through his statements against the suggestion, that some of the lawmakers might also be under pressure, from crypto supporters to influence the procedure of the bills so that they can favour the acceptance of Crypto as a foreign reserve. The Apex bank governor, Patrick Nyoroge, disagreed with the idea, describing the move as craziness.

The Cryptocurrency Adoption Contingencies

However, Patrick said that the country could adopt crypto only based on the fact that it solves a particular problem. He added that decentralized finances are just being hyped. He pointed out that they needed to first find out how the crypto will be of help to solve some particular problems. He also added that for now, there is no need for crypto because the national banking system is sufficient.

Graph Falling Down in Front Of Kenya Flag. Crisis Concept

The Sector Has No Regulatory Principles

Already, the Central Bank has beforehand issued a warning to citizens about the possible dangers of dealing with cryptos. Apart from that, the national financial sector has no guiding rules and regulations for dealings with cryptocurrencies. Instead of this, local banks are warned to be careful when dealing with crypto assets. To buttress the governor’s disagreement to adopt cryptocurrencies, the instance of four million Kenyan crypto investors who suffered a loss (due to the current crypto crisis) was cited.

 

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