Kenyan Central Bank Governor Says Stance on Crypto Not Driven by Personal Views
Sunday, June 4, 2023 at 5:30am UTC

Patrick Njoroge, the outgoing governor of the Kenyan central bank, recently said the bank’s policy on crypto assets is not driven by personal views but is founded on the “wealth of information that is in the central bank.” Njoroge said the Central Bank of Kenya will continue to point out the risks posed by unregulated crypto activity.

Outgoing Governor Says Kenyan Central Bank Has ‘Wealth of Information’

The Central Bank of Kenya (CBK) governor, Patrick Njoroge, recently said the apex bank’s stance towards crypto is not driven by personal views but is informed by the “wealth of information that is in the central bank.” He said while different individuals may have different views about crypto, it is the 57-year-old institution that ultimately determines the country’s crypto policy.

Njoroge, who is set to end his tenure as the CBK’s ninth governor, made remarks after he was asked if he had plans to relay a crypto message to his successor. As has been reported by News, the CBK’s outgoing governor has warned Kenyans against trading or investing in cryptocurrencies like BTC.

In one of his several anti-crypto remarks, Njoroge asked Kenyan lawmakers to have him locked up should he ever agree to convert the country’s foreign exchange reserves to bitcoin.

These and other remarks by the CBK’s outgoing governor have, in turn, reportedly seen Njoroge become one of the most loathed BTC critics in Kenya. However, in response to assertions that he has a personal vendetta against crypto assets, the CBK governor claimed that neither he nor any executive at the central bank is in a position to set the bank’s policy towards crypto assets. He added:

There isn’t any sort of personal stake in terms of understanding, etc. The wealth of information is in the central bank. … In terms of passing on knowledge to my eventual successor, I think the answer is the central bank is there and it is really through the central bank, through a well-functioning central bank that that happens as well.

When asked to comment on reports suggesting that the Kenyan government wants to tax crypto transactions, Njoroge said the CBK will continue to highlight the risks posed by unregulated crypto activity.

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