2015-12-18 | 2075994161

Banking Circular No 14 of 2015 - Virtual Currencies - Bitcoin

The Central Bank of Kenya (CBK) has issued a circular to all financial institutions in the country, warning against the use of virtual currencies like Bitcoin. The CBK states that virtual currencies are not legal tender in Kenya and carry various risks, including anonymity, lack of regulation, and speculative value. Financial institutions are advised not to open accounts for anyone dealing in virtual currencies, with non-compliance leading to remedial action from the CBK.

Kenya

Central Bank of Kenya

Show thumbnail