Bitcoin is now being adopted by Central Bank of Kenya



Kenya turns to Bitcoin to fight depreciating shilling While the Central Bank of Nigeria has placed a ban on bitcoin and other crypto-related activities, another African bank is turning to for answers. Amid rising depreciation rates of the Shilling, Kenya’s Central Bank wants to switch its base currency to Bitcoin. For several decades, the Kenyan Shilling has been on a downward trend. The fiat currency has lost nearly 50% of its value against the U.S. dollar since 2010. In 2020 alone, the Shilling dropped by almost 10% when compared to the dollar. Whilst the Kenya government is pointing fingers at the COVID-19 pandemic and the International Monetary Fund for its woes, officials believe that...

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