(Rejected) Converting Kenya FX into Bitcoin Is 'Insane': Says Kenyan Central Bank Governor

Governor of Kenya’s central bank, Patrick Njoroge, said the calling to convert Kenya’s foreign exchange reserves into bitcoin is “crazy.”

Patrick Njoroge added that there is a lot of pressure for cryptocurrencies because some legislators are pushing to put our reserves into Bitcoin. He said he wouldn't agree to do that unless he was crazy.

Njoroge told recently elected members of Kenya's legislature that if he agreed to convert Kenya's foreign exchange reserves into bitcoin, he should be put in jail and his cell keys must be thrown away.

The African continent continues to gain more attention in the crypto/blockchain space. Kenya ranks fifth in the 2021 Global Cryptocurrency Adoption Index,

CBK issued a statement and recommendation as a warning to Kenyan residents not to trade or invest in cryptocurrencies due to the high volatility of cryptocurrencies.

Njoroge believes that cryptocurrencies like Bitcoin are not only unstable, but also difficult to solve any problems.

He said:

“In our economy what problem are they resolving? Are they better vehicles for let’s say payments, and transactions? And the answer is no. Are they better in terms of …. security more than a bank account? And the answer is no.”

Its deputy governor, Kingsley Obiora, has also previously stated that the volatility of cryptocurrencies is one of the reasons why they cannot become a widely used payment method.

On May 10, in order to launch talent development, education and blockchain innovation on African soil, the NEAR Foundation has partnered with Sankore, an Africa-focused blockchain community, to launch a regional hub in Kenya.

In March, top cryptocurrency exchange FTX partnered with Kenya-based fintech firm AZA Finance. Through strategic partnerships, FTX seeks to increase the use of Web3 and cryptocurrencies in Africa by providing ideal networking and learning resources.