Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of any central bank. The governor, who addressed the Press at CBK headquarters in Nairobi on Wednesday said Kenya’s central bank shares this position with many peers he has been engaging around the world. Recently, Citibank analysts estimated that Kenya’s bitcoin holdings were about 2.3 per cent of the gross domestic product (GDP) or the annual national output, making it among countries with the largest bitcoin holdings. ALSO READ: From Bitcoin to Nurucoin: Truth about virtual moneyAs of 2016, Kenya’s GDP stood at Sh7.1 trillion. Njoroge said they have been looking into bitcoin and what it means for those who may want to put in their money.

Source: Standard Digital January 24, 2018 06:00 UTC