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Central Bank Of Kenya To Use Bitcoin As Reserve Currency - Foreign Affairs - Nairaland

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Central Bank Of Kenya To Use Bitcoin As Reserve Currency by Shakitibob0: 7:09am On Feb 12, 2021
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..

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, [/b]“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.”[b]

The decision by the Kenyan central bank is in a contrast to the Nigerian Central Bank’s recent decision to impose a banking ban on crypto traders and exchanges in the country. The decision by the Kenyan central bank also comes on a day when the US Treasury Secretary claimed that Bitcoin would never find its way into the central banks.

lalasticlala


https://coingape.com/central-bank-of-kenya-to-use-bitcoin-as-reserve-currency/amp/

1 Like

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by Nbotee(m): 7:11am On Feb 12, 2021
Make Una no go use all Una reserve store for bitcoin oooo... Invest in bitcoin but don't invest all ur foreign reserve in bitcoin

4 Likes 1 Share

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by Goldencheese(m): 7:17am On Feb 12, 2021
But the giant of Africa only trades cow currency. The giant of Africa is only a giant cow which cannot even export its beef and milk but causes bloodshed and stupidities everywhere.

What a giant embarrassment of a giant!
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by LawLab247: 7:20am On Feb 12, 2021
Ok
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by inoki247: 7:21am On Feb 12, 2021
Anything this set of Govt join he go crash don't be surprise if we change our reserves to BTC na from dat day d thing go start to dey crash.....
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by Gondonu: 7:23am On Feb 12, 2021
Kenya too! The is the same cryptocurrency the myopic CBN and government in Nigeria swiftly ban on account of fear of the unknown when it is an acceptable fledgling brand of financial trading.

1 Like 1 Share

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by austinvsb: 7:26am On Feb 12, 2021
Buhari's government is an abject failure. For the first time in a long time, an African country was about to be the number one in a financial sector, a move that could have spiraled unprecedented economic growth but the bastards in Aso rock and their pee-sized brain dumbos in the CBN decided it's best to always keep the black man down!

First it was harassing youths with laptops using 'fraud' as an excuse. This resulted in massive regression in IT. Now, It's banning cryptocurrency based on same flimsy excuse of 'fraud' and depriving Nigerians a future where we can lead or at least share the top position with others.

Nigerian leaders are cursed!!!

1 Like 1 Share

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by TUANKU(m): 7:34am On Feb 12, 2021
Nigeria prefers cowtocurrency.
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by itsRhamzy: 7:34am On Feb 12, 2021
And Naija CBN dey lose guard for BTC matter.

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by HigherEd: 7:39am On Feb 12, 2021
You see country wer get sense. Why fully peg your currencies on highly manipulated dollar. The US has printed over 30% of all US dollar in circulation only in the last two years. It would export the inflation to other countries like ours.

We should start looking to crypto even nationally. It creates an even playing ground.

2 Likes 2 Shares

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by truthfulparrot(m): 7:40am On Feb 12, 2021
Goldencheese:
But the giant of Africa only trades cow currency. The giant of Africa is only a giant cow which cannot even export its beef and milk but causes bloodshed and stupidities everywhere.

What a giant embarrassment of a giant!
This is fake news! This kind of desperate and false News were rolled out when MMM was about to collapse. Cryptocurrency started as a good idea until speculators and Ponzi manipulators took advantage of the fact that the market is not regulated to cash out big time
The racket is so wide and strongly manipulated by the casino merchants of this world. Sadly, just like looted funds from poor countries, the developed countries joined the bandwagon to cash out and make maximum gain before its imminent crash. Cryptocurrency is international MMM. Mark my words today, it will soon crash.

Most Nigerian youths are just lazy and are always looking for easy money.

2 Likes 1 Share

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by orisa37: 7:47am On Feb 12, 2021
Gondonu:
Kenya too! The is the same cryptocurrency the myopic CBN and government in Nigeria swiftly ban on account of fear of the unknown when it is an acceptable fledgling brand of financial trading.



No.
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by Nobody: 7:49am On Feb 12, 2021
APC will surely regret this...
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by orisa37: 7:52am On Feb 12, 2021
LawLab247:
Ok


We like to KNOW MORE ABOUT THIS KENYA SHILLING, What does KENYA IMPORT AND EXPORT?
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by Shakitibob0: 7:54am On Feb 12, 2021
truthfulparrot:
This is fake news! This kind of desperate and false News were rolled out when MMM was about to collapse. Cryptocurrency started as a good idea until speculators and Ponzi manipulators took advantage of the fact that the market is not regulated to cash out big time
The racket is so wide and strongly manipulated by the casino merchants of this world. Sadly, just like looted funds from poor countries, the developed countries joined the bandwagon to cash out and make maximum gain before its imminent crash. Cryptocurrency is international MMM. Mark my words today, it will soon crash.

Most Nigerian youths are just lazy and are always looking for easy money.
My brother....Elon is the richest man in the world...His company spent 1.5bn USD recently to purchase a portion..

I am thinking that you do not understand the concept of crypto yet

2 Likes

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by naptu2: 7:55am On Feb 12, 2021
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by helinues: 7:55am On Feb 12, 2021
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by Nobody: 8:04am On Feb 12, 2021
truthfulparrot:
This is fake news! This kind of desperate and false News were rolled out when MMM was about to collapse. Cryptocurrency started as a good idea until speculators and Ponzi manipulators took advantage of the fact that the market is not regulated to cash out big time
The racket is so wide and strongly manipulated by the casino merchants of this world. Sadly, just like looted funds from poor countries, the developed countries joined the bandwagon to cash out and make maximum gain before its imminent crash. Cryptocurrency is international MMM. Mark my words today, it will soon crash.

Most Nigerian youths are just lazy and are always looking for easy money.
U are smarter than the world richest man
Jp morgan and the rest financial expect into bitcoin

With your $350bn economy less half than that of texas I wonder who wants to steal from u

Na your type dey support building of rail way lime to Niger ..with a GDP less than most southern states believing it would benefit Nigeria ..

LMAO

2 Likes

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by truthfulparrot(m): 8:17am On Feb 12, 2021
Shakitibob0:
My brother....Elon is the richest man in the world...His company spent 1.5bn USD recently to purchase a portion..

I am thinking that you do not understand the concept of crypto yet
You guys are just gullible and you don't understand the inner workings of international business Mafia. Elon Musk networth is 197billion dollars. But he only invested 1.5billion dollars because he is a shrewd business man. He invested because he wants to make sales in Bitcoins and cash out with more profits. Elon is in a position to manipulate the Cryptocurrency market for his own maximum gain. Just this week that he announced his support for Bitcoins, there was increase of 7% in the value of Bitcoins and he has started making huge sales with Bitcoins. These men are well informed and they are only taking advantage of an unregulated market. I am a financial analyst and you can check my posts to see how I predicted the collapse of MMM.

3 Likes 1 Share

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by Goldencheese(m): 8:26am On Feb 12, 2021
So Elon Musk that invested 1.5 billion dollars into bitcoin and is a strong promoter of dodgecoin is a lazy man? Are you for real?
Kenya just decided to make bitcoin its reserve currency. People are thinking of technologising the fiat currency space and you're here talking about lazy Nigerian youths. Na wa o.

Ignorance must surely be bliss for some Nigerians.

truthfulparrot:
This is fake news! This kind of desperate and false News were rolled out when MMM was about to collapse. Cryptocurrency started as a good idea until speculators and Ponzi manipulators took advantage of the fact that the market is not regulated to cash out big time
The racket is so wide and strongly manipulated by the casino merchants of this world. Sadly, just like looted funds from poor countries, the developed countries joined the bandwagon to cash out and make maximum gain before its imminent crash. Cryptocurrency is international MMM. Mark my words today, it will soon crash.

Most Nigerian youths are just lazy and are always looking for easy money.

2 Likes 1 Share

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by orisa37: 8:30am On Feb 12, 2021
THINK ABOUT THIS

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 is new and It's a MEDIA CREATION. WHAT WE MARKET AND SELL MATTER NOW.

VP's SILICON VALLEY EXPERIENCE IS BEING HIJACKED BY NIMC AND CBN. WHY THEY'RE DOING THIS FOR NIN AND FOR MACBAN, I DON'T KNOW.

THIS GOVERNMENT IS MISAPPROPRIATING NAIRA TOO MUCH FOR NONSENSE.

SHARE THE BUDGET OF THE NIGERIAN POLICE TO THE 36 CONSTITUTIONAL STATES TO ENHANCE THEIR SELF POLICING AUTONOMY. ADAMU SHOULD GO NOW AND STOP BEING A CONDUIT FOR MISAPPROPRIATION.

DITTO FOR INEC

ABOVE MESSAGES ARE FOR NASS PLEASE.
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by orisa37: 8:32am On Feb 12, 2021
THINK ABOUT THESE,

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 is new and It's a MEDIA CREATION. WHAT WE MARKET AND SELL MATTER NOW.

VP's SILICON VALLEY EXPERIENCE IS BEING HIJACKED BY NIMC AND CBN. WHY THEY'RE DOING THIS FOR NIN AND FOR MACBAN, I DON'T KNOW.

THIS GOVERNMENT IS MISAPPROPRIATING NAIRA TOO MUCH FOR NONSENSE.

SHARE THE BUDGET OF THE NIGERIAN POLICE TO THE 36 CONSTITUTIONAL STATES TO ENHANCE THEIR SELF POLICING AUTONOMY. ADAMU SHOULD GO NOW AND STOP BEING A CONDUIT FOR MISAPPROPRIATION.

DITTO FOR INEC

ABOVE MESSAGES ARE FOR NASS PLEASE.

1 Like

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by CodeTemplar: 9:50am On Feb 12, 2021
HigherEd:
You see country wer get sense. Why fully peg your currencies on highly manipulated dollar. The US has printed over 30% of all US dollar in circulation only in the last two years. It would export the inflation to other countries like ours.

We should start looking to crypto even nationally. It creates an even playing ground.
Though cryptocurrency is still volatile and open to influence so many factors seasoned economist may not immediately process.

1 Like

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by Johnnyessence(m): 10:52am On Feb 12, 2021
truthfulparrot:
This is fake news! This kind of desperate and false News were rolled out when MMM was about to collapse. Cryptocurrency started as a good idea until speculators and Ponzi manipulators took advantage of the fact that the market is not regulated to cash out big time
The racket is so wide and strongly manipulated by the casino merchants of this world. Sadly, just like looted funds from poor countries, the developed countries joined the bandwagon to cash out and make maximum gain before its imminent crash. Cryptocurrency is international MMM. Mark my words today, it will soon crash.

Most Nigerian youths are just lazy and are always looking for easy money.
Lori Iro
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by BlackfireX: 11:56am On Feb 17, 2021
Crypto currency ...is a confused money...
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by rottennaija(m): 8:42am On Feb 18, 2021
That's over doing it. Blockchain and cryptos are very young and should be given more time to develop. They should adopt it as a store of value not as a reserve currency. There is only 21m bitcoin that will ever be mined, out of which about 5m will not be in circulation as they were lost in some wallets in those early days.

Adopting cryptos as a store of value is the right direction. They should buy more gold, silver, diamond and other precious metals. Someday, the US dollars will be abandoned.

1 Like 1 Share

Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by rottennaija(m): 9:10am On Feb 18, 2021
truthfulparrot:
You guys are just gullible and you don't understand the inner workings of international business Mafia. Elon Musk networth is 197billion dollars. But he only invested 1.5billion dollars because he is a shrewd business man. He invested because he wants to make sales in Bitcoins and cash out with more profits. Elon is in a position to manipulate the Cryptocurrency market for his own maximum gain. Just this week that he announced his support for Bitcoins, there was increase of 7% in the value of Bitcoins and he has started making huge sales with Bitcoins. These men are well informed and they are only taking advantage of an unregulated market. I am a financial analyst and you can check my posts to see how I predicted the collapse of MMM.

Are you also predicting the collapse of bitcoin? Everyone knew mmm as going to collapse. It was a ponzi scheme for Christ sake. Have you seen any ponzi scheme that has survived 20 years?
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by AlphaSoul: 11:43pm On Feb 20, 2021
truthfulparrot:
This is fake news! This kind of desperate and false News were rolled out when MMM was about to collapse. Cryptocurrency started as a good idea until speculators and Ponzi manipulators took advantage of the fact that the market is not regulated to cash out big time
The racket is so wide and strongly manipulated by the casino merchants of this world. Sadly, just like looted funds from poor countries, the developed countries joined the bandwagon to cash out and make maximum gain before its imminent crash. Cryptocurrency is international MMM. Mark my words today, it will soon crash.

Most Nigerian youths are just lazy and are always looking for easy money.
grin
Re: Central Bank Of Kenya To Use Bitcoin As Reserve Currency by AlphaSoul: 11:50pm On Feb 20, 2021
rottennaija:
That's over doing it. Blockchain and cryptos are very young and should be given more time to develop. They should adopt it as a store of value not as a reserve currency. There is only 21m bitcoin that will ever be mined, out of which about 5m will not be in circulation as they were lost in some wallets in those early days.

Adopting cryptos as a store of value is the right direction. They should buy more gold, silver, diamond and other precious metals. Someday, the US dollars will be abandoned.
/
Word!

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