Despite all the odds against this, Bitcoin is becoming increasingly popular in Kenya, where a significant portion of the population remains without banking services.
Africa is slowly but surely becoming the epicenter of the Bitcoin Revolution. The BBC reports that even Kenya, where Bitcoin is considered illegal, is no exception.
Bitcoin adoption does not slow down in Kenya
The Kenya blockchain association has calculated that more than 1.5 million dollars have already been concluded in BTC, more than 40,000 people using a coin (for comparison, Kenya has 5.28 million non-bank adults). Globally, these figures are insignificant, but, in fact, earlier Citibank calculated that Kenya ranks fifth in the number of Bitcoin holders per capita.
The Central Bank of Kenya has imposed a ban on cryptocurrency operations, considering Bitcoin as a channel for money laundering and other types of criminal activity. After a crypto collapse in January, country officials continued to demonize Bitcoin, calling it a “bubble.”
The reason local traders accept BTC
Tony Mwanger, one of the local business owners, says that the main reason he decided to hop on a bitcoin van was to prevent rampant thefts. According to Mwongera, bitcoin is a "safe and reliable technology." In the meantime, his clients see the flagship cryptocurrency as a convenient payment tool.
Africa is slowly but surely becoming the epicenter of the Bitcoin Revolution. The BBC reports that even Kenya, where Bitcoin is considered illegal, is no exception.
Bitcoin adoption does not slow down in Kenya
The Kenya blockchain association has calculated that more than 1.5 million dollars have already been concluded in BTC, more than 40,000 people using a coin (for comparison, Kenya has 5.28 million non-bank adults). Globally, these figures are insignificant, but, in fact, earlier Citibank calculated that Kenya ranks fifth in the number of Bitcoin holders per capita.
The Central Bank of Kenya has imposed a ban on cryptocurrency operations, considering Bitcoin as a channel for money laundering and other types of criminal activity. After a crypto collapse in January, country officials continued to demonize Bitcoin, calling it a “bubble.”
The reason local traders accept BTC
Tony Mwanger, one of the local business owners, says that the main reason he decided to hop on a bitcoin van was to prevent rampant thefts. According to Mwongera, bitcoin is a "safe and reliable technology." In the meantime, his clients see the flagship cryptocurrency as a convenient payment tool.
