Regulatory uncertainty and slow adoption are hindering crypto growth in Kenya – Emerging Markets Bitcoin News

Regulatory uncertainty and the slow adoption of cryptocurrencies continue to be major obstacles to the growth of the Kenyan digital currency market, according to experts. They also claim that without rapid regulation, which they believe will accelerate the adoption of digital currencies, Kenya’s sector will remain vulnerable to fraud.

Kenya’s acceptance of crypto is slowing, Exchange Reps are pointing out the need for legislation

George Mwakisha, Business Development Manager at Binance Kenya, says the country can take full advantage of digital currencies if it passes the appropriate laws, local media reports. Mwakisha is said to see the lack of clear laws regarding cryptocurrencies as making the country vulnerable to fraud.

Meanwhile, the Binance Kenya representative’s views are shared by Apollo Sande, Luno Crypto Exchange’s Country Manager for Kenya. According to Sande, one of the benefits of regulating cryptocurrencies is the likely increase in cross-border transfers into the country. The introduction of cryptocurrencies will also give Kenya “better access to international markets,” added the country manager.

Kenyans on board, banks not so safe

Comments from Kenya’s crypto experts follow recent reports that the country, along with five other East African countries, is examining the possibility of introducing a regional digital currency. The country’s Blockchain & Artificial Intelligence Task Force already recommended the use of cryptocurrency in Kenya in its 2019 report, pointing out that the global trend is “inevitable”.

As previously reported by Bitcoin.com News, Kenya now has one of the largest P2P Bitcoin trading volumes on the African continent.

However, despite the recommendations and apparent adoption of crypto assets by Kenyans, the Central Bank of Kenya (CBK) has slowed the adoption of cryptocurrencies by “endless discussions about how regulations evolve,” the report said.

Do you think the CBK’s regulation of digital currencies will help accelerate adoption in Kenya? Let us know what you think in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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