• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Wednesday, June 29, 2022
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Lifestyle
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Lifestyle
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

Central Bank of Kenya Says Stance against crypto unchanged

Banks in Kenya have been clamping down on customers using bank accounts for crypto transactions with some of them sending notices to customers purchasing cryptocurrency

Kenyan WallStreetbyKenyan WallStreet
January 28, 2022
in Banking, Public Policy
Reading Time: 3 mins read
Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge

Central Bank of Kenya (CBK) Governor Dr Patrick Njoroge


The governor of the Central Bank of Kenya Dr Patrick Njoroge said on Thursday that the bank’s position on the unrestricted use of cryptocurrencies like Bitcoin in Kenya remains unchanged.

The latest comments by the governor is a reiteration of the regulator’s long-held stance against the use of cryptocurrencies in Kenya.

“Our position has not changed on any of those products that are out there..” Dr Patrick Njoroge told reporters after the monetary policy announcement where the monetary policy committee retained the base lending rate at seven per cent for a record 12th time.

ADVERTISEMENT

Central Bank of Kenya Governor says stance against the use of cryptocurrencies in Kenya is unchanged. https://t.co/NBGoxVFQ35 pic.twitter.com/x1ypvqUjhM

— Kenyan Wallstreet (@kenyanwalstreet) January 28, 2022

The Central Bank of Kenya has issued circulars to local banks warning them against dealing with cryptocurrencies or transacting with firms dealing with cryptocurrencies. The latest of such circular was in 2018, as reported by The Kenyan Wall Street.

Banks in Kenya have been clamping down on customers using bank accounts for crypto transactions with some of them sending notices to customers purchasing cryptocurrency, warning them of permanent closure of accounts according to BitKE.

Despite the anti-crypto stance by the Central Bank, Kenya leads Africa in crypto adoption and is ranked five in the world ahead of some of the developed countries like United States, China, Russia and South Africa according to the latest report by Chainalysis.

Kenya is also ranked number one when it comes to to peer-to-peer (P2P) cryptocurrency transaction volumes according to the2021 Global Crypto Adoption Index by Chainalysis. P2P trading is the act of buying and selling cryptocurrencies directly between users, without a third party or intermediary.

P2P trade volume makes up a significant percentage of all cryptocurrency activity in Kenya because of the ban by the Central Bank.

Central Bank of Kenya on CBDCs

However, the Governor seems quite open to the possibility of the technology that powers crypto and the entire industry. In the briefing, he said that they will be making more disclosures about the space in the near term.

In November 2021, we reported that Kenya was keen on exploring the use of central bank digital currency (CBDC) to settle cross-border payments according to the country’s Central Bank Governor Dr Patrick Njoroge.

A Central bank digital currency (CBDC) is money that exists solely in electronic form, issued and regulated by the nation’s monetary authority and backed by the government.

READ;

Kenya leads the world in P2P Crypto Transactions

Why Kenya Leads the World in Grassroot Crypto Adoption – 2021 Report

Kenya explores Central Bank Digital Currency for cross-border payments


Hisa App Hisa App Hisa App
Previous Post

East African Breweries (EABL) Half Year Net Profit Surges 131% to Ksh 8.7 Billion, declares interim Dividend

Next Post

Sandbox Launches $50 Million Metaverse Accelerator Program

Related Posts

Absa Bank Kenya Branch

How Absa Bank Supports SMEs Beyond Lending

June 29, 2022
Absa Visa

Absa Bank Kenya Partners With Visa To Unveil domestic and cross-border remittance service

June 28, 2022

KBA Reconstitutes Governing Council Members

June 24, 2022

IMF to Delay Disbursing KSh28.7 Billion Loan to Kenya

June 23, 2022

Zimbabwe Tables Measures to Curb Rising Costs of Bread

June 22, 2022

SACCOs to Soon have Own Inter-Lending Facility

June 20, 2022

Development Bank Ghana Launches; Seeks to Support SME Lending

June 16, 2022

Peter Kioko Appointed Acting Managing Director of the National Bank of Kenya

June 14, 2022
Load More
Next Post
Sandbox Launches $50 Million Metaverse Accelerator Program

Sandbox Launches $50 Million Metaverse Accelerator Program

ADVERTISEMENT

Follow Us

  • 139k Followers
  • 2.4k Subscribers
  • 1.1k Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

Jun
29
Wed
all-day Uganda Clays Annual General Meeting
Uganda Clays Annual General Meeting
Jun 29 all-day
Uganda clays annual general meeting
all-day Uganda Clays Book Closure
Uganda Clays Book Closure
Jun 29 all-day
Uganda Clays book Closure
Jun
30
Thu
all-day Diamond Trust Bank Kenya Book Cl...
Diamond Trust Bank Kenya Book Cl...
Jun 30 all-day
 
all-day Equity Group Payment of Final Di...
Equity Group Payment of Final Di...
Jun 30 all-day
 
all-day Kakuzi Plc Dividend Payment
Kakuzi Plc Dividend Payment
Jun 30 all-day
 
Jul
1
Fri
all-day BK Group Dividend Payment
BK Group Dividend Payment
Jul 1 all-day
 
View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

Featured

No Content Available

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2021. Hisa Technologies. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2021. Hisa Technologies. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In