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Bitcoin (BTC) Enjoys Growing Popularity in Kenya Despite Cryptocurrency Ban
Africa is slowly but surely becoming the epicenter of the Bitcoin revolution. Even Kenya, where Bitcoin is considered illegal, is not an exception, BBC reports.
Darryn PollockBitcoin adoption has no brakes in Kenya
The Blockchain Association of Kenya has estimated that more than $1.5 mln has been already transacted in BTC with over 40,000 people using the coin (for comparison, Kenya has 5.28 mln unbanked adults). On a global scale, these numbers are minuscule, but, in fact, Citibank earlier estimated that Kenya has the fifth biggest number of Bitcoin holders per capita.
Kenya’s central bank has imposed a ban on cryptocurrency transactions, seeing Bitcoin as a conduit for money laundering and other types of criminal activities. After January’s crypto crash, the country’s officials kept demonizing Bitcoin, calling it a ‘bubble.’
The reason why local merchants embrace BTC
Tony Mwongera, one of the local business owners, reveals that the main reason why he decided to jump on the Bitcoin bandwagon was to prevent rampant thefts. According to Mwongera, Bitcoin represents ‘a safe and secure technology.’ Meanwhile, his customers see the flagship cryptocurrency as a convenient payment instrument.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Yuri Molchan
Godfrey Benjamin
Dan Burgin
Vladislav Sopov