[WATCH] Our Position on Cryptocurrencies in 2022 Has Not Changed, Says Governor, Central Bank of Kenya

The Central Bank of Kenya has maintained its position saying bitcoin and cryptocurrencies are still not legally recognized in Kenya.

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Kenya’s position on cryptocurrencies has not changed in 2022 according to the latest update by the Governor, Central Bank of Kenya.

The Central Bank of Kenya has maintained its position saying bitcoin and cryptocurrencies are still not legally recognized in Kenya.

Speaking at a press briefing on January 27, 2022 that followed the bank’s monetary policy committee meeting the day before, the governor indicated that the bank would be issuing a statement in the near future concerning, not just crypto, but the entire space.

According to the 2021 Chainalysis report, Kenya is one of the leading African countries when it comes cryptocurrency adoption. Kenya is also one of the leading countries globally when it comes to P2P crypto trading.

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SEE ALSO17 Out of the Top 20 Markets in Global Crypto Adoption are in Emerging Markets – Kenya Tops in Africa – Says Latest 2021 Chainalysis Index
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In the recent past, the governor has raised doubt about the use cases of crypto, even asking what problem they are trying to solve. Nonetheless, Kenyans continue to showcase an open-minded approach with continued adoption.

As a recap, here is the Central Bank of Kenya position on digital currencies as of 2022:

  • Crypto is not legal as a currency in the country
  • Central Bank is exploring the use of CBDCs for cross border transactions
  • Kenya has stressed on inter – Central Bank cooperation when it comes to CBDCs
  • CBDCs are also in response to “mushrooming private cryptocurencies.”

A report by the United States Library of Congress in December 2021 established that Kenya is one of two countries with some type of taxation framework for cryptocurrencies.

The report also confirmed that Kenya has neither partial or total bans on cryptocurrencies.

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RECOMMENDED READING: Loss of Trust in Governments Reason Behind DeFi and Crypto, Says Governor, Central Bank of Kenya

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