Central Bank of Kenya (CBK) Warns Against Transacting with Bitcoin


The Central Bank of Kenya has warned citizens and anyone intending to transact with Bitcoin to think twice because the regulator does not recognize it.

In a Gazette Notice published in Kenya dailies and their website, CBK outlined risks associated with transacting using Bitcoin.

The following is a message from CBK:

“ (CBK) has been drawn to media reports on  the  use,  holding  and  trading  of  virtual  currencies  such  as  Bitcoin  in  Kenya. Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by any government or central bank.

Domestic  and  international  money  transfer services in  Kenya are regulated by  the  Central  Bank  of  Kenya  Act and  other legislation.

In this regard, no entity is currently licensed to offer money remittance services and products in Kenya using virtual currency such as Bitcoin.

This is to inform the public that  virtual currencies such  as  Bitcoin are  not legal tender in Kenya and therefore no protection exists in the event that the platform that exchanges or holds the virtual currency fails or goes out of business”







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