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Regarding the CBK's Announcement
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12-16-2015, 03:14 AM
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Regarding the CBK's Announcement
My take on the announcement from the CBK:

It's a huge advertisement for Bitcoin. The amount of trade happening with Bitcoin in Kenya is very small. The number one problem is just awareness and this order helps to raise the currency's profile in a place where it can do a lot of good.

Bitcoin stands to help the people of Kenya in three main ways. One is as a tool to fight corruption. By removing economic transactions from the view of corrupt authorities, costs are lowered and independent entrepreneurs are empowered.

Second is a much better functioning payment network. Since Bitcoin is electronic cash secured by math, it can be traded for Kenyan Shillings for very minimal fees. Contrast this with PayPal where fraud causes fees to rise to 50% or more (http://www.bitcoins.co.ke/forum/showthread.php?tid=17) for currency conversion. Finally, and this may be the most important both for the Central Bank and the people of Kenya, Bitcoin is a private money that is largely immune to meddling by central banks. The Kenyan government cannot devalue your bitcoins and in the process levy an invisible global tax on the Kenyan Bitcoin economy.

The Central Bank has done Kenyans a favor by bringing "Virtual Currencies such as Bitcoin" to their attention. We prefer digital over virtual by the way and Bitcoin is THE digital currency to know about and use.

My advice is to look through the fearmongering and equip yourself with working knowledge of this exciting new technology. Offer your digital services for Bitcoin and try to have a little savings in it as well.

What do you think? Does Bitcoin seem like something worth learning about?
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