Promoters of digital currencies are pestering the Kenyan Central Bank (CB) to turn the country’s reserves into a crypto fortune (precisely Bitcoin), Kenya’s CB Chief (Patrick Njoroge) has disclosed.
He sees the proposition as a worrisome one due to the instability in that sector even as he reached out to his country’s legislators, urging them not to consent to the numerous calls to do so. For him, allowing such to happen under his watch as the head of the Central Bank meant one thing – he would go to jail!
Conversion Is Not Ruled Out
For the records, Njoroge however stated that he was not entirely ruling out the option of converting to Bitcoin but suggested that for this to be adopted, there is the need to determine that cryptocurrencies can provide answers to special cases. Ensuring that their usage gives an edge to those using it in payments, doing transactions, and even better securing individual bank accounts. adding that the groups clamouring for its endorsement should do more than just exaggerate. Whatever is settled for eventually must be seen as something worthwhile that increases the value of what is already in use, presumably fiat currencies.
Adoption Must Be Done With Caution
It is worthy of note that the introduction of cryptocurrencies brought with them a decentralized pattern of transactions when compared with paper notes. Many world governments view the development with a level of skepticism despite what seems like a revolution in that sector. The Kenyan financial authorities have consistently kept the citizens and banking institutions on high alert as to the grave consequences of opening their arms wide to its adoption without putting in place the necessary safeguards.
