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Bitcoin (BTC) Enjoys Growing Popularity in Kenya Despite Cryptocurrency Ban

  • Alex Dovbnya
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    Despite all odds stacked against it, Bitcoin is witnessing growing adoption in Kenya, where a sizeable share of the population remains unbanked

Bitcoin (BTC) Enjoys Growing Popularity in Kenya Despite Cryptocurrency Ban
Contents

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.

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Bitcoin 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.

 

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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