0 sats \ 0 replies \ @KenyaCoin OP 21 Sep 2022 \ on: CBK Gov: Take Me To Kamiti & Throw Away Key If We Put Our Reserves in Bitcoin 📺 bitcoin
This is the Governor of the Central Bank of Kenya, Patrick Njoroge (who will likely be replaced now that Kenya has a new president), and Kamiti is a national security prison.
This CBK governor was at the helm of Kenya's central bank in 2015 when a "circular" (memo) was issued to banks warning them to not serve customers involved with "virtual currency" -- which includes exchanges, individual traders, and possibly as well, merchants who receive payment in bitcoin.
In 2018, when BTC/USD was in the $10K range, he said of speculating on bitcoin:
"Be prepared to lose all your money."
https://www.youtube.com/watch?v=vA8ub7Qo1vM
If your country owes huge debts to the IMF, China, etc, is presently experiencing a severe shortage of dollars, claims to have a freely floating foreign currency market (but people can profit several percent by buying at the central bank's printed rate and then selling those dollars at the nearest forex dealer), you too as central bank governor would hate bitcoin. For bitcoin limits the ability of the government to control the flow of money within the country and across borders as well.
As far as his statement about bitcoin not working for payments, .. keep in mind the government of Kenya is a major shareholder in Safaricom, which operates the EXTREMELY PROFITABLE m-Pesa mobile money platform. Having to compete against bitcoin payments would eviscerate m-Pesa if bitcoin were to gain mass adoption. Note -- Kenya's governor was NOT among the many African central bank leaders who traveled to El Salvador earlier in the year in which bitcoin as an alternative to fiat was widely discussed and practiced.