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The Kenyan central bank governor Patrick Njoroge has described as \u201ccraziness\u201d the calls to convert Kenya\u2019s reserves into bitcoin. He added that he would have to be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like bitcoin are not only volatile, but are hardly solving any problem. <\/strong><\/p>\n The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has described the idea of putting the country\u2019s reserves into bitcoin as \u201ccraziness.\u201d Njoroge, who was addressing recently elected members of Kenya\u2019s legislature, added that if it occurred that he agrees to convert Kenya\u2019s reserves to bitcoin, he should be jailed and the keys to his prison cell must be thrown away.<\/p>\n Under Njoroge\u2019s stewardship, the CBK has issued statements and advisories warning Kenyan residents against trading or investing in cryptocurrencies. For instance, Bitcoin.com News reported<\/a> in June 2022 that Njoroge, together with the Central Bank of Nigeria (CBN) deputy governor Kingsley Obiora, had cited cryptocurrencies\u2019 volatility as one of the reasons why they cannot become a widely used payment method.<\/p>\n Yet, despite Njoroge and the CBK\u2019s opposition, several studies have suggested that Kenyan residents\u2019 use of, or investment in, cryptocurrencies is growing. For example, the peer-to-peer crypto exchange Paxful recently revealed<\/a> that its users from the country had digital assets valued at $125 million during the first half of 2022.<\/p>\n<\/p>\nCBK Governor Says Converting Kenya\u2019s Reserves to Bitcoin Deserves a Jail Term<\/h2>\n
Njoroge: No Problems Being Solved by Cryptocurrencies<\/h2>\n