Crypto adoption still rising in Kenya, despite central bank ban

22 Feb, 2019
by David Robb
Crypto adoption still rising in Kenya, despite central bank ban

Adoption of cryptocurrencies is growing in Kenya, with a number of local businesses now accepting payment in crypto. The Blockchain Association of Kenya (BAK) reports that the total BTC transactions is worth around $1.5 million.

A BBC report claims that Bitcoin, along with Dash (DASH) and Lisk (LSK) are the leading cryptos used in Kenya. They also have some penetration in the markets in Botswana, Ghana, Nigeria, South Africa and Zimbabwe.

Read more: Restaurant in Kenya accepts payments in Bitcoin (BTC) and Dash (DASH)

Businesses are drawn to the security and safety involved with crypto when compared to their local fiat currency, as theft can be a major problem. The appeal of new technology also contributes to their success. Despite the advantages, Kenya's central bank has forbidden any banks from dealing with crypto companies. Only around 40,000 people in the nation have ever used BTC to make a payment.

According to economist and policy expert Vincent Kimosop, "Crypto-currencies can facilitate and ensure that you do an unlimited number of transactions, however the volatility, lack of control and the non-acceptability of crypto-currencies across different jurisdictions impairs what you'd expect a currency to do".

Read more: Is Bitcoin dead? 8 reasons why it is NOTWhy it's good you're still in cryptocurrency in 2019

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