Tag: Virtual Currency

Central Bank of Kenya gives warning on virtual currencies like Bitcoin

Business, Mobile
The Central Bank of Kenya (CBK) has taken a stand on the use of the virtual currencies such as Bitcoin in Kenya warning on its use. In a press release, the body says: The attention of the Central Bank of Kenya (CBK) has been drawn to media reports  on the use, holding and trading of virtual currencies such as Bitcoin in Kenya. Bitcoin is a form of un-regulated digital currency that is not issued or guaranteed by any government or central bank. Domestic and international money transfer services in Kenya are regulated by the Central Bank of Kenya Act and other legislation. In this regard, no entity is currently licensed to offer money remittance services and products in Kenya using virtual currency such as Bitcoin. This is to inform the public that virtual currencies such as Bitcoin are