Kenya’s Central Bank has proposed the use of Bitcoin to counter the depreciating Shilling. According to the apex bank’s governor, Patrick Njoroge, said Bitcoin could solve the country’s currency problem as the Shilling’s depreciation has negatively impacted the economy.
CryptoPotato in a report that the Shilling has plunged almost 50% over the past few decades compared to USD since 2010. Over the past year, the Shilling has declined nearly 10% against the dollar. The central bank blames the International Monetary Fund (IMF) for the depreciation.
Apart from the IMF, the central bank also believes the unprecedented coronavirus pandemic also has its effect on the national currency.
Disregarding the risks associated with adopting Bitcoin, Njoroge is optimistic that Bitcoin is a solution to Kenya’s economic challenges.
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