The Central Bank of Kenya will start using bitcoin as a reserve in an attempt to resolve the country's economic problems.
Kenya Central Bank Governor Patrick Njoroge declared his support for Bitcoin after the Nigeria government commented on Twitter that Bitcoin will replace the Naira.
The decision to use Bitcoin as a reserve would have been made because of the speed of transactions and the fact that it is not favorable, in value, to exchange the Nigerian currency Naira for other foreign currencies.
“Our decision to switch to Bitcoin is tactical and logical. Our currency has always been the punching bag of the International Monetary Fund (IMF), which always claims that the Kenyan shilling is overvalued, ”says Patrick.
The Central Bank governor goes on to say that “This has put a lot of pressure on the Kenyan shilling and has had a negative effect on the economy. We are losing a lot, simply because someone at the IMF woke up on the wrong side of the bed. Bitcoin will end this ”.
The currency's adoption is surprisingly high when compared even to developed countries. Bitcoin is widely used in Kenya these days, but even in 2015 it was already a very popular currency locally.