The Central Bank of Kenya (CBK) revealed that it will be using Bitcoin to combat various economic crises threatening the country. This move has revealed a contrasting view that many other countries hold towards the digital asset.

Kenya’s apex bank announced its intentions to embrace Bitcoin as a haven from economic difficulties. The CBK stressed that systemic, fiscal, and monetary challenges are major factors that have hindered the country’s growth.

Bitcoin to the Rescue
Governor of the CBK, Patrick Njoroge, said that using the digital asset could help ease the country’s unstable currency. Njoroge elaborated that Kenya is currently vulnerable due to a shortage of foreign currencies and exorbitant loans, which he believes cryptocurrencies can salvage.

 “Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the International Monetary Fund which always claims that the Kenya shilling is overvalued,” Njoroge explained.