Central Bank of Kenya to Reportedly Use Bitcoin as Reserve Currency

The Central Bank of Kenya in a historical decision has decided to switch to use Bitcoin as a Reserve currency in order to resolve growing financial problems in the country as per a report from Daily News Arena.

“Central Bank Of Kenya Announces Switch To #Bitcoin” – Dailynewsarena

It’s Happening!

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) February 11, 2021

Patrick Njoroge, Central Bank Governor said that the decision was taken after considering numerous factors including a shortage of foreign currency reserves, increase velocity of money, and shield Kenya from exploitative loans that threaten the sovereignty of Kenya. He explained,

“Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the International Monetary Fund which always claims that the Kenya shilling is overvalued. This has led to too much pressure on the Kenyan Shilling and this has a negative effect on the economy. We are losing too much simply because someone at IMF woke up on the wrong side of the bed. Bitcoin will put an end to this.”

This story is being updated

The post Central Bank of Kenya to Reportedly Use Bitcoin as Reserve Currency appeared first on Coingape.

Source: Central Bank of Kenya to Reportedly Use Bitcoin as Reserve Currency