The Central Bank of Kenya (CBK) issued a circular according to which banking institutions are not allowed to deal with cryptocurrencies to execute transactions involving cryptocurrency companies.
The head of the financial regulator Patrick Njoroge (Patrick Njoroge) stated that such a restriction corresponds to measures around the world have taken other financial regulators:, mostly having doubts about cryptocurrency.
In his opinion, crypto-currencies represent risks for users from the point of view of security, potential fraud, hacking and data loss and are often used in financial pyramids. Thus, although the financial regulator and supports technological innovation, some of which he considers dangerous to the financial sector.
We will remind that in November of 2017 Patrick Njoroge had already told “all” about the risks associated with cryptocurrencies.