The city of Nyeri in Kenya has become a new haven for the cryptocurrencies trade. However, the adoption of its citizens is thriving under the warnings of the authorities regulating the banking sector.
An Example of Adoption and Courage
In Kenya, the law prohibits the use of any currency other than legal tender. But lately its citizens are preferring to pay for food, at least in Nyeri, using bitcoins.
With warnings issued by the Central Bank of Kenya (CBK), the Betty Place restaurant adopted bitcoins as a form of payment. This has been a first in the region. The minimum you can pay is 100 satoshis.
CBK Governor Patrick Njoroge warned so far this year that “the use of bitcoins or altcoins could result in massive losses of money for those who decide to invest in the currency”.
The Kenyan government has been reluctant to pursue options with bitcoins. They object that they could not support it because they consider it to be a kind of “bubble”. Last Thursday, the CBK’s Head of Communications, Wallace Kantai, said that this position will not change.
Beatrice Wanjiru Wambugu, owner of Betty Place and crypto-enthusiast, is not worried about this type of advertisement. She says that so far three people have paid for his services using cryptocurrencies. Also in Kenya, a Kenyatta University hall and an ATM in Nairobi trade bitcoins.
Last Tuesday the Kenyan Parliament demanded two weeks from the Treasury Department to decide whether cryptocurrencies should become legal tender in Kenya. Meanwhile, the country’s financial institution appears to be considering whether the government should support innovation or continue to avoid it.