Tuesday, 22nd 2022, the Central Bank of Kenya will host a question and answer session to discuss Central Bank Digital Currency (CBDC).
The show which will be on NTV’s Business Redefined segment will have its guest as the Central Bank Governor Dr. Patrick Njoroge.
The host will be NTV journalist Julians Amboko.
Most Kenyan crypto enthusiasts are awaiting the show titled, ‘Central Bank Digital Currency – Which way Kenya?’ with bated breath.
Some think the government of Kenya will finally say something positive about the cryptocurrency space.
Recently, the Ministry of ICT released a statement that Kenyans lost Sh13 billion in cryptocurrency scams last year.
ICT Cabinet Secretary Joe Mucheru the number of those suffering after losing funds to criminals can be reduced if the media plays its part. He further explained, “I think even as you report and investigate these issues, you can also be giving people guidance on the direction, where they need to invest, how they need to protect themselves”.
Kenya suffers from many financial scams, especially in periods towards elections where Ponzi Schemes mushroom easily.
Recently, Bitstream Circle scammed Kenyan investors off Sh1 billion.
This is not the first time this is happening, before the last election in 2017, Kenyans lost about Sh2 trillion in a Ponzi Scheme dubbed Public Likes. The scheme promised to double investors’ money through liking adverts on their webpage.
Kenyan Business Feed believes that, in the cryptocurrency space, most Kenyans are in it for the money and not the technology or the ideals behind the creation of such good projects as Bitcoin. This explains why the greed to make money in such an unregulated space has led to massive scams and losses.
Most Kenyans don’t engage in DYOR or doing their own research before investing.
CBK has always warned Kenyans against cryptocurrency.
“This is to inform the public that virtual currencies such as Bitcoin are not legal tender in Kenya and therefore no protection exists in the event that the platform that exchanges or holds the virtual currency fails or goes out of business…CBK reiterates that Bitcoin and similar products are not legal tender nor are they regulated in Kenya. The public should therefore desist from transacting in Bitcoin
and similar products”, CBK said in a one-page statement in December 2015.
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