Kenya central bank is going to start using bitcoin as a reserve currency
After Nigeria’s senators suggested that bitcoin could replace the country’s currency, Naira, soon, Patrick Njoroge, the president of the Central Bank of Kenya, also presented his support for bitcoin.
In a historic decision, the Central Bank of Kenya decided to use bitcoin as a reserve currency to solve the country’s growing financial problems. The Central Bank of Kenya said it decided to use Bitcoin as a reserve currency considering the speed of transactions and the fact that exchanging Naira for other foreign currencies is not very convenient.
“Our decision to switch to Bitcoin is tactical and logical. Our currency has always been a punching bag from the International Monetary Fund (IMF), which always claims that Kenya’s shilling is overvalued. This put a lot of pressure on the shilling and had a negative effect on the economy. We are losing a lot simply because someone at the IMF woke up on the wrong side of the bed. Bitcoin will end this, ”said the president of the Central Bank of Kenya.
Mihr Thakr, an economist from Kenya, noted that developing nations could use cryptocurrency both as “a source of revenue and also to make a statement against oppressive financial systems that appear to favor the developed world at the expense of poor countries.”
“Nobody expected a government to dive in, and the Kenyan government’s action took the world of cryptocurrencies by surprise. We hope that more governments will follow, but Kenya is already one step ahead of everyone else. ”