Share this article
Kenya's Central Bank Chief Warns Again On Crypto Risks
Central Bank of Kenya (CBK) is now in line with other banks in blacklisting digital currencies and warns customers and banks dealing with it.
Updated Sep 13, 2021, 7:49 a.m. Published Apr 13, 2018, 12:30 p.m.
The Central Bank of Kenya (CBK) is once again seeking to dissuade domestic businesses from dealing in cryptocurrencies.
Following what the institution called massive price volatility in the sector, the national bank has issued a circular to financial institutions on the subject, a development revealed in an appearance by the governor of the CBK before the nation's parliament, domestic news outlets report.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In statements, Patrick Njoroge, the governor of the national bank, sought to expand on past public statements, including a notable one in November in which he warned investors similarly.
He said this week:
"There are risks associated with cryptocurrency particularly on consumer protection, fraud, hacking and loss of data and they are prone to be used as pyramid schemes."
Njoroge went on to allege that the features of cryptocurrencies make them vulnerable to money laundering and terrorist financing, while mentioning that emerging technologies are broadly prone to risks.
As such, Njoroge's comments build on the public statements from senior African officials. Countries such as Zimbabwe and Namibia , for example, have sought to brand the technology as illegal, while Zimbabwe's central bank said in November that cryptocurrency "is not actually legal."
Kenyan map via Shutterstock
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Dragonfly managing partner lays out his 2026 crypto predictions
The venture capitalist argues 2026 will favor proven crypto infrastructure, while several fast-growing segments reshape how the industry expands.
What to know:
- Dragonfly Managing Partner Haseeb Qureshi says 2026 will deliver both upside and downside surprises across crypto markets.
- He expects established chains and infrastructure to outperform newer, heavily marketed platforms.
- Qureshi highlights two segments he believes could see exceptionally rapid expansion next year.
Top Stories
