The Central Bank of Kenya (CBK) is once again seeking to dissuade domestic businesses from dealing in cryptocurrencies.
Following what the institution called massive price volatility in the sector, the national bank has issued a circular to financial institutions on the subject, a development revealed in an appearance by the governor of the CBK before the nation's parliament, domestic news outlets report.
In statements, Patrick Njoroge, the governor of the national bank, sought to expand on past public statements, including a notable one in November in which he warned investors similarly.
He said this week:
Njoroge went on to allege that the features of cryptocurrencies make them vulnerable to money laundering and terrorist financing, while mentioning that emerging technologies are broadly prone to risks.
Kenyan map via Shutterstock
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