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The Central Bank of Kenya (CBK) is once again discouraging domestic business to deal in cryptocurrency. Following it’s volatile nature, the national bank has issued a circular to financial institutions on the subject, a development revealed in an appearance by the governor of the CBK before the nation’s parliament, domestic news outlets report .
Patrick Njoroge, the governor of the national bank, has warned against crypto investments. And he further added:
“There are risks associated with cryptocurrency particularly on consumer protection, fraud, hacking and loss of data and they are prone to be used as pyramid schemes.”
Patrick Njoroge went on to allege that the features of cryptocurrencies make them vulnerable to money laundering and terrorist financing, while mentioning that emerging technologies are broadly prone to risks.
Many African Countries have kicked against crypto investments in their state. Countries such as Zimbabwe and
Namibia , for example, have sought to brand the technology as illegal, while Zimbabwe’s central bank said in November that cryptocurrency “is not actually legal.”