Report: Kenya Central Bank Governor Reiterates His Opposition to Cryptocurrencies – Emerging Markets Bitcoin News

Bitcoin.com

The Kenyan central bank governor has once again told Kenyans to be wary of the risks that are associated with cryptocurrency transactions and trading. The governor also warned financial institutions supporting cryptocurrency transactions that they risk losing their licenses.

Crypto Trading Beneficial to a Few

The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has reiterated that his institution still opposes cryptocurrency transactions. The governor also suggested that Kenyan citizens must always be wary of investing in highly volatile asset classes such as cryptocurrencies.

How To Get Free Crypto  

In remarks published by the East African newspaper, Njoroge — who was addressing Kenyans that attended the World Consumer Rights Celebration Day — suggested that investing in cryptocurrencies is only beneficial to a few people. He explained:

There are people who are excited about cryptocurrencies because they see it as a sort of investment that they can win big because prices are going up quickly, so they believe they would see a huge return for their investment. But I think that is why we say for every person who wins something, there are hundreds who lose.

Njoroge also pointed out that crypto transactions are not only unregulated but such transactions could also be illegal. The governor is quoted in the Kenyan newspaper’s report warning financial institutions that are caught facilitating cryptocurrency transactions that they risk losing their licenses.

Protecting the Public

As previously reported by Bitcoin.com News, the CBK chief had clarified that the bank’s stance on cryptocurrencies had not changed, even as more Kenyans are being drawn to digital currencies. Before that, reports from Kenya speculated that the CBK had convinced some banks to issue warning alerts to clients engaged in cryptocurrency trading.

However, according to the East African report, the CBK will only encourage cryptocurrency transactions once there are enough safeguards to protect the public.

Coinbase Banner  

“We are working with other players and regulators around the world to make sure that space is safe,” Njoroge was quoted explaining.

Tags in this story

What are your thoughts on this story? Tell us what you think in the comments section below.

Terence Zimwara

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

Image Credits: Shutterstock, Pixabay, Wiki Commons, Mary MM

Read disclaimer

Go to Source
Author: Terence Zimwara


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.