Sun. Jun 23rd, 2024

Kenyan Central Bank Threatens To Withdraw Lisence Of Banks Engaging in Crypto.

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The Kenyan central bank governor has again warned Kenyans to be wary of the risks that are associated with cryptocurrency transactions and trading, threatening financial institutions supporting cryptocurrency transactions that they risk losing their licenses.

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The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has reiterated that his institution still opposes cryptocurrency transactions. The governor also suggested that Kenyan citizens must always be wary of investing in highly volatile asset classes such as cryptocurrencies.

In remarks published by the East African newspaper, Njoroge — who was addressing Kenyans that attended the World Consumer Rights Celebration Day — suggested that investing in cryptocurrencies is only beneficial to a few people. He explained:

“There are people who are excited about cryptocurrencies because they see it as a sort of investment that they can win big because prices are going up quickly, so they believe they would see a huge return for their investment. But I think that is why we say for every person who wins something, there are hundreds who lose.”

Njoroge also pointed out that crypto transactions are not only unregulated but such transactions could also be illegal. The governor is quoted in the Kenyan newspaper’s report warning financial institutions that are caught facilitating cryptocurrency transactions that they risk losing their licenses.

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