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The Kenyan central bank governor has once again told Kenyans to be wary of the risks that are associated with cryptocurrency transactions and trading. The governor also warned financial institutions supporting cryptocurrency transactions that they risk losing their licenses. Crypto Trading Beneficial to a Few The governor of the Central Bank of Kenya (CBK), Patrick … Read more
Kenya’s central bank has acknowledged in a recently released document that a central bank digital currency could potentially benefit the country’s financial system. The bank, however, warned that rolling out a CBDC could also pose risks to the same. CBDC’s Impact on Financial Stability The Central Bank of Kenya (CBK) has suggested in a discussion … Read more
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. CBK’s New Stance of Cryptocurrencies to Be Unveiled … Read more
Businessman and owner of a Kenyan football club, Ricardo Badoer, has been accused of fleecing more than $140 million from investors via his Aidos Kuneen cryptocurrency. Threats Against Investors According to a local report, Kenyan businessman Ricardo Badoer is being accused of defrauding investors via his Aidos Kuneen cryptocurrency of more than $140 million. The … Read more
The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has said his institution is currently exploring the use of central bank digital currencies (CBDC) to settle cross-border payments. Njoroge however insists the bank’s priority is getting it right rather than being the first. CBK’s Approach According to a report by the Kenyan Wallstreet, Njoroge — … Read more
Kenya has the fourth-highest interest in cryptocurrency globally, a new research study by Broker Chooser has found. According to the study, only three countries — Ukraine, Russia, and the United States — have had higher searches for cryptocurrency in the last 12 months than Kenya. Crypto Searches in Kenya Highest in Africa According to a … Read more
According to the latest data from the Central Bank of Kenya (CBK), diaspora remittances inflows to the country surged to $1.75 billion in the first six months of 2021. This figure represents a nearly 20% increase from the $1.46 billion recorded in the same period last year. 2021 Inflows Set to Surpass 2020 Total At … Read more
Regulatory uncertainty and the slow embrace of cryptocurrencies continue to be key impediments to the growth of Kenya’s digital currency market, experts say. They also assert that without speedy regulation, which they believe will hasten the adoption of digital currencies, Kenya’s sector will remain open to fraud. Kenya’s Embrace of Crypto Slow, Exchange Reps Point … Read more
A few Kenyan banks have started sending out warning alerts to clients engaged in cryptocurrency trading to be wary of the associated risks. These warnings have reportedly been sent to clients who have “used their credit and debit cards to buy cryptocurrencies on crypto exchanges.” Crypto Trading Risks According to a local report, one of … Read more
Governments in Africa simply cannot stop an idea whose time has come. In Zimbabwe, financial regulators banned cryptocurrency trading, and shut down two exchanges, thinking to have killed the ecosystem, only for Bitcoin to find a new life on Whatsapp. Kenyan authorities have sounded tough on virtual currency, warning banks and individuals against trading such, … Read more
