Bitcoin Vs KES: Kenya to use bitcon by 2021, ICT ministry creates blockchain taskforce

Kenya to embark on Bitcoin and block chain. PHOTO | Reuters

The Ministry of ICT embark on Bitcoin Mines as the only way to stabilise the country. ICT Ministry-backed team has retained its quest for the development of cryptocurrency assets in Kenya in spite of regulator unease.

This month bitcoin exchange rate with Kenyan shillings is 1 Bitcoin equals Ksh. 1,010,220.14

The task-force reiterated its position on the bid for a sovereign digital currency maintaining that the proposal will have a positive impact on Kenya’s financial services.

“The case for a Central Bank Digital Currency (CBDC) is strong considering the fact that most of the money and corresponding transactions are already in electronic form.

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“These currencies could transform all aspects of the monetary system and facilitate the systematic and transparent conduct of monetary policy, radically improve tax collection, including the transmission of government policies into the monetary posture of the economy,” reads the report in part.

“Central Banks must keep pace with changes and be vigilant of Fintech developments to capture their most valuable characteristics,” the team added in its revised report presented to ICT Cabinet Secretary Joe Mucheru

Kenya's blockchain taskforce wants to mount pressure on the CBK Governor Patrick Njoroge to accept as CBK blacklisted 20 crypto-currency mining companies. 

"The move will hurt our economy, I'm not surprised to see our Kenyan currency drop. Drastic measures need to be put in place. I cannot hive a word on the ministry move." CBK Governor Njoroge stated.