In a historic move, the Central Bank of Kenya has agreed to adopt the use of Bitcoin as a reserve currency in order to address the country’s increasing financial problems.
Patrick Njoroge, the Governor of the Central Bank of Kenya, said the decision was taken after taking into account various factors, including the scarcity of foreign currency reserves, the rise in money velocity, and the shielding of Kenya from exploitative loans that threaten Kenya’s sovereignty.
The Governor of the Central Bank has also reportedly confirmed that it plans to use Bitcoin to minimize its rising foreign exchange losses and help reduce its national debt.
Patrick further explained, “Our decision to switch to Bitcoin is tactical as well as rational.
The punching bag for the IMF has always been our currency, which always says that the Kenya Shilling is overvalued.
This has caused so much pressure on the Kenyan shilling, which has had a negative impact on the economy.
We are missing so much simply because someone at IMF woke up on the wrong side of the bed.
Bitcoin is going to bring an end to this.”
Njoroge claims that cryptocurrency will protect Kenya from foreign exchange losses and reduce the national debt of the country.
The Kenyan central bank’s decision also comes a day after the US Secretary of the Treasury said Bitcoin would never find its way into the central banks.
In addition to the obvious consequences of the COVID-19 pandemic, the Governor of the Central Bank of the country also blamed the International Monetary Fund for the weakening of the Shillings.
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