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The Central Bank of Kenya has announced an ambitious plan to switch to Bitcoin as a blanket move to solve thousands of problems facing the country.
Noting that systemic fiscal and monetary challenges had made it hard for Kenya to develop, Central Bank Governor Patrick Njoroge said that using Bitcoin would help cushion Kenya from volatile a shilling, shortage of foreign currency reserves, increase velocity of money and shield Kenya from exploitative loans that threaten the sovereignty of Kenya.
“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.”
The Governor also added that with the sharp increase in national debt that is foreign currency denominated, using Bitcoin would help shield Kenya from Forex exchange losses and will even lower Kenya’s national debt as Bitcoin appreciates.
“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.”
The Governor also added that with the sharp increase in national debt that is foreign currency denominated, using Bitcoin would help shield Kenya from Forex exchange losses and will even lower Kenya’s national debt as Bitcoin appreciates.
Others warned that Kenya was likely to face the wrath of world system, but can withstand the pressure if they get the backing of Bitcoin users.
Source: Central Bank of Kenya Announces Switch to Bitcoin – PostaMate
