Currently, worth $60,682.90 (Sh. 6,653,879.98), Bitcoin, the world’s biggest cryptocurrency has been on a steady rise this year, broadly outperforming conventional asset classes, on Saturday the Crypto crossed a record high of $60,000.

Cabinet Secretary for ICT Joe Mucheru took to popular microblogging platform Twitter after the new record saying “Is anyone following this rise of bitcoin? Sometimes calculated risks can surprise and surpass all expectations.”

The Kenyan government has been neither receptive to crypto nor does it prohibit it. Initially, Kenya had even issued warnings against digital currencies. Back in 2015, the central bank of Kenya had issued a statement on Bitcoin, “CBK reiterates that Bitcoin and similar products are not legal tender nor are they regulated in Kenya. The public should therefore desist from transacting in Bitcoin and similar products.”

Since mid-2020, Kenya has been toying with the idea of adopting digital currency, in October last year, the Central Bank of Kenya (CBK) revealed it had been involved in discussions with other central banks to introduce a central bank digital currency (CBDC) and digital currency regulations.

Also Read: Kenya is adopting Digital Currency and Cashless Matatu Fares Maybe the Beginning of the End

The remarks by Muchiri show that unlike Nigeria, Kenya’s ICT ministry might be receptive of crypto in the near future.

Techspace Africa

Nigel Jr.
• Tech • Courtesy is Key • Entirely Flawed • Extremely Reticent • DeFi •

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