Kenya’s central bank governor admits pressure to convert country’s reserves into Bitcoin
Kenya’s central bank governor Patrick Njoroge has admitted to receiving external pressure from crypto proponents to convert the country’s reserves into Bitcoin (BTC). According to Njoroge, the idea can be equated to ‘craziness,’ noting that converting the reserves into Bitcoin would be a risk considering the digital asset’s volatility. Furthermore, Njoroge noted that the country could only opt to adopt cryptocurrencies if they solve a particular problem. He called for a review of the cryptocurrency sector to move away from what he termed as ‘hype’ around digital assets. Notably, the Central Bank of Kenya has previously issued warnings to citizens regarding dealing with cryptocurrencies citing the risks involved.
