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2020, Blog, english, Kenya

Kenya: At the crypto front

A year ago I wrote a story about Bitcoins. The crypto currency had reached the Kenyan market and even made restaurants accept it as a medium of exchange – a classic example was in Nyeri.

Today the story is a bit different. In the beginning it was all about dreams of many young people who wanted to become millionaires overnight. Or there were stories of technically savvy businessmen who made plans day and night to get people to invest in this currency. And then the success stories of how people made millions trading crypto-currency, especially Bitcoin.

Much of that is fairy tales. Yet many people are active in them. On localbitcoins.net you can get an impression.

The Kenyan government has taken note of this and warned against making investments through the Central Bank. They call it a pyramid system that collapses chaotically in the end and can become a major fraud.

The head of the Central Bank explicitly used the word pyramid scheme and issued a brief warning to all Kenyan banks to stay away from it. Because, contrary to what was thought, the financial institutions were afraid of losing customers who wanted to follow the crypto-madness. Interested persons could therefore be stopped from investing.

It’s not forbidden or illegal. The possibilities were only reduced in a self-regulating way. For some people, however, who still hear the whisper of wealth through crypto-currencies, it was a good thing. Others still cannot be stopped.

Whoever has read this now has to send me the equivalent of one Bitcoin via Paypal. 🙂 *smile*