• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee

Central Bank of Kenya Warns About Bitcoin In Paid Newspaper Advert

Jp Buntinx by Jp Buntinx
8 years ago
in Bitcoin, Bitcoin Breaking News Brief, Bitcoin Regulation, Breaking Bitcoin News, Breaking News, News, News teaser
0

Now that Bitcoin is gaining more popularity all over the world; the time has come – once again – for central banks to warn about the potential dangers of digital currency. Just a few days ago, a similar warning was issued by the Minnesota Commerce Commissioner. But this time, it’s the central bank of Kenya issuing a statement on trading or holding Bitcoin and other virtual currencies.

Also read: Minnesota Commerce Commissioner Mike Rothman Warns About Bitcoin

Central Bank of Kenya Doesn’t Like BitcoinBitcoinist_CBK Bitcoin

Similar to how most central banks in the world would respond, Kenya’s central bank is not a big fan of the “dangers” represented by Bitcoin and other digital currencies. Bitcoin is not regulated in Kenya at this time, and they are not issued nor guaranteed by any central bank. As a result, people dabbling around with virtual currency should be extra careful with how they manage and spend their money.

What makes this warning so interesting is how the central bank of Kenya has put it as a paid advertisement in the local dailies. This seems to be an indication of how the central bank is desperately trying to keep its customers tied to its ecosystem and is afraid of people looking for alternative financial solutions in the long run.

Among the arguments used in the paid advert are the same things Bitcoin users have heard dozens of times already, such as its unregulated nature and possible regulatory issues. In fact, one part of the advert could be hinting at upcoming Bitcoin regulation in Kenya very soon, as it states:

“Domestic and international money transfer services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no entity is currently licensed to offer money remittance services and products in Kenya using virtual currency such as bitcoin.”

The central bank of Kenya then goes on saying how Bitcoin and other virtual currencies are not legal tender in the country, and how no protection exists in the event of something going wrong. A small list of the risks associated with buying, holding, and trading Bitcoin and other digital currencies are then presented in the paid advert.

Bitcoin Is Not Banned in Kenya ThoughBitcoinist_Central Bank of Kenya

It is important to note that, even though Bitcoin is not legal tender in Kenya, there is no official “ban” on virtual currencies in the country either. Warnings like these are meant to warn the everyday consumer about the possible pitfalls associated with digital currency, and how they should be aware of these risks.

However, the part about how no entity is currently licensed to offer money remittance services is of great importance. While no government officials are commenting on the situation, it looks like Bitcoin regulation could be on the agenda in Kenya at some point. Additionally, this paid advert warning can be seen as an indication as to how Bitcoin adoption is growing in Kenya.

What are your thoughts on this warning issued by the central bank of Kenya? Is regulation coming soon, in your opinion? Let us know in the comments below!

Source: News-Kenya

Images courtesy of News-Kenya, CBK, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Jp Buntinx

Jp Buntinx

JP Buntinx is a freelance Bitcoin writer and Bitcoin journalist for various digital currency news outlets around the world. In other notes, Jean-Pierre is an active member of the Belgian Bitcoin Association, and occasionally attends various Bitcoin Meetups in Ghent and Brussels

Related Posts

crypto

Crypto Clients In China Targeted As Singapore Expands Money Laundering Probe

15 hours ago
Bitcoin shorters

Bullish Signal: Bitcoin Could Reach $30,000 As BTC Continues To Defy Shorters

19 hours ago
TikTok

TikTok Faces Challenge As Elon Musk Crypto Scams Multiply

3 days ago
Bitcoin

Bitcoin Dominance Returns Above 50% As Altcoins Encounter Resistance

3 days ago
Binance.US

Binance.US Hit Hard: Trading Activity Tanks 98% Amid SEC Squabble

3 days ago
Bitcoin

Get Ready For Bitcoin’s Next Surge: Analyst Believes ‘This Is The Beginning’

4 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Ethereum (ETH) and Ripple (XRP) Show Resilience; Guaranteed...

    13 hours ago
  • HODL or LOL? Meme Coin Enthusiasts Predict Shiba Memu’s...

    14 hours ago
  • New Cryptocurrency Meminator Set to Crush the Competing...

    14 hours ago
  • From Underdogs to Titans: How Ethereum (ETH), Stellar...

    18 hours ago
  • Solana Sees Inflows, Shiba Inu Development to Lead Rally...

    18 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.