Kenya’s central bank governor finally sees the push for Bitcoin

ambcrypto.com:

Kenya’s governor of the central bank, Patrick Njoroge, acknowledged that he was under external pressure from cryptocurrency enthusiasts to convert the nation’s reserves into Bitcoin (BTC).

In a meeting with lawmakers on 19 September, Njoroge described the plan as “crazy,” adding that it would be risky to convert the assets into Bitcoin given the volatile nature of the digital commodity.

Additionally, he implied that legislators may be under pressure to sway the legislative process in favor of the adoption of cryptocurrencies.

Interestingly, the governor said he was willing to do time in prison if the nation adopted Bitcoin during his administration. He stated,

“I do know you’re under a lot of pressure from some of these people that are pushing these things [cryptocurrencies] because for them it is good. I can assure you I have a lot of people that have been pushing me to put our reserves in Bitcoin. <…> I would have been out of my mind with that sort of craziness.”

Njoroge added that the nation could decide to adopt cryptocurrencies only if they provide a solution to a specific issue. To get away from the “hype” surrounding digital assets, he called for a review of the bitcoin market.

What issue in our economy are they addressing, he questioned?  He further stated,

“The answer is no, they are not superior vehicles for, say, payments or other activities. In terms of whatever the issues are, are they better? The answer is no, its security does not outweigh that of your bank account. We perceive it as sort of something that is perhaps overhyped, but we do need to properly examine it to determine whether it would solve a certain problem or not.”

Notably, the Central Bank of Kenya has already cautioned residents against using