The Central Bank of Kenya has reportedly switched to Bitcoin as their Reserve currency to resolve the country’s economic problem.
Patrick Njoroge, the governor of Kenya’s Central Bank explained that the financial problems associated with the native system are the major drawback for the country’s economy.
He said, “Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the International Monetary Fund which always claims that the Kenya shilling is overvalued. This has led to too much pressure on the Kenyan Shilling and this has a negative effect on the economy. We are losing too much simply because someone at IMF woke up on the wrong side of the bed. Bitcoin will put an end to this.”
He also added that they intend to use Bitcoin to reduce the country’s national debt and save the economy from a gross decline.