Central Bank Governor Says Kenya’s Position on Cryptocurrencies Has Not Changed

Kenya’s position on cryptocurrencies is still unchanged the governor of the Central Bank of Kenya (CBK), Patrick Njoroge has said. Njoroge latest remarks come as Kenya continues to cement its position as one of the countries on the African continent that has the highest adoption of cryptocurrencies.

The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has said Kenya’s stance on cryptocurrencies remains unchanged. Njoroge, who made the comments soon after the CBK’s monetary policy announcement, revealed however that the central bank will be talking more about cryptocurrencies in the near future.

As noted in the Kenyan Wallstreet report, the governor’s reiteration of the CBK’s stance on cryptocurrencies is coming more than six months after reports emerged that Kenyan banks were issuing alerts that urged clients to desist from the practice of trading cryptocurrencies.

Njoroge’s reaffirmation of the central bank’s position on cryptos is also coming in the wake of reports that Kenya is now ranked the African country with the highest percentage of its population that hold cryptocurrency. In addition, Kenya is expected to continue leading the world’s peer-to-peer cryptocurrency market in 2022.

Yet, despite these reports and the data suggesting that Kenya had Africa’s second-largest peer-to-peer bitcoin traded volumes in 2021, Njoroge appeared to suggest that his institution will not rush to make any new announcements concerning its stance on cryptos and other products. He said:

I think we will be speaking more completely about this space, not just cryptocurrencies. Cryptocurrency is one lever, one little area……so we will be speaking more completely about this in the near future but I guess in the medium term. So please be patient on that …. suffice to say that our position has not changed on any of those products.

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