Browsing: monetary policy announcement

  • The Central Bank of Kenya (CBK) has warned local commercial banks against dealing with cryptocurrencies transactions or face penalties for non-compliance
  • Some banks have issued notices to customers buying cryptocurrencies, warning them of the permanent closure of their accounts
  • Despite the stance by the CBK against cryptocurrencies, Kenya leads Africa in crypto adoption and stands fifth in the world

The Central Bank of Kenya (CBK) remains adamant about lifting the ban on cryptocurrency use in Kenya.

CBK Governor Dr Patrick Njoroge said on January 27 that the bank’s position on the restrictions of cryptos like bitcoin in Kenya remains in place.

The CBK has also issued circulars to local commercial banks warning them against dealing with cryptocurrencies transactions or face penalties for non-compliance. The last circular was issued in 2018 and has remained in action up until now.

While delivering the monetary policy announcement where the monetary policy committee retained …