According to a report from the Daily News Arena, the Central Bank of Kenya said it decided to use Bitcoin as a reserve currency to solve the country's economic problems.
After the Government of Nigeria will also declare Yesterday on Twitter that Bitcoin could soon replace Naira, Patrick Njoroge, Governor of the Central Bank of Kenya, also declared his support for Bitcoin.
The decision to use BTC as a reserve currency would have already been made considering also the speed of transactions and the fact that exchanging the Naira for other foreign currencies is not very convenient.
These are the words of Njoroge:
“Our decision to switch to Bitcoin is tactical and logical. Our currency has always been the punching bag of the International Monetary Fund, which always claims that the Kenyan shilling is overvalued. This has put too much pressure on the Kenyan shilling and has a negative effect on the economy. We are losing too much simply because someone at the IMF woke up on the wrong side of the bed. Bitcoin will put an end to this. "
Bitcoin in Kenya
In September 2020, the Kenya Young Entrepreneurs Network (YEN) also announced that it had developed a new stable coin call YENTS, which is based on the Kenyan shilling.
It is worth mentioning that Bitcoin has already been widely used in Kenya for years and there is a documentary that explains how, as early as 2015, BTC was very popular in this country:
(embed) https://www.youtube.com/watch?v=IBWH7Sea3Xo (/ embed)
Overall, cryptocurrency transactions in Africa have risen to a value of 55%, showing that cryptocurrencies are widely used on the continent.
Essentially, it is a phenomenon similar to that of VenezuelaCountries with the greatest economic difficulties and where inflation is soaring prefer to use cryptocurrencies instead of local currency.