According to a Citibank report, Kenya is estimated to hold more than KES 163 billion (approx. USD 1.62 billion) worth of Bitcoin, which is approximately 2.3% of Kenya’s gross domestic product (GDP). With only 4 countries having a higher Bitcoin to GDP ratio than Kenya, this is an indication of Kenyans’ thirst for the cryptocurrency.
Although trading in cryptocurrencies such as Bitcoin has not been made illegal, regulators such as the Central Bank of Kenya have publicly announced their skepticism and warned the public against investing in virtual currencies.
In the article ‘Bitcoin and other virtual currencies from a Kenyan legal perspective’, we examine what cryptocurrencies are and how they work, how cryptocurrencies have been treated from a Kenyan legal perspective compared to other jurisdictions, and some of the risks associated with cryptocurrencies.
Click here to read the full article.
Should you have any queries or need any clarifications with respect to the above, please do not hesitate to contact Sonal Sejpal.