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Currency Crisis
The Central Bank of Kenya is losing grip on the Kenya shilling
The Central Bank of Kenya is losing grip on the Kenya shilling
"for several years the CBK governor was able to keep the currency steady, but the bubble appears to have burst as the CBK struggles to keep the Kenyan currency from losing ground against the dollar"
"Kenya imports 3times more than her exports. The country has also accumulated enormous amount of debt that has to be repaid in dollars."
"Covid19 has worsened things by cutting exports drastically and disrupting toursim"
Perfect storm brewing here for bitcoin crypto adoption watch this space, learn from Nigeria
Thread on Nigeria parallel currency trade https://twitter.com/pesa_africa/status/1304060041268539392?s=20
Cryptocurrency
adoption heat map
See Kenya https://twitter.com/pesa_africa/status/1304306590615564288?s=20
adoption heat map
See Kenya https://twitter.com/pesa_africa/status/1304306590615564288?s=20
I wonder, in a time of crisis, given 5 digital currency options, which one will people choose to hold and why?
China digital currency
US digital dollar
EU digital currency
Kenya's shilling digital currency
Bitcoin and cryptocurrencies
?
China digital currency
US digital dollar
EU digital currency
Kenya's shilling digital currency
Bitcoin and cryptocurrencies
?
My point, putting the Kenya shilling on a blockhain/distributed ledger as a digital currency doesn't save it from its problems
People will act in a manner to preserve wealth. A currency Crisis plus declining economy right before elections is perfect timing to test this theory
People will act in a manner to preserve wealth. A currency Crisis plus declining economy right before elections is perfect timing to test this theory
I feel sorry for the Central Banks of Kenya and Nigeria. They have already lost to Bitcoin.
They cannot Commandeer their economies to stabilize local currencies. They have no control.
They cannot Commandeer their economies to stabilize local currencies. They have no control.
Foolish African Central Bankers
You have only 1 card to play. Set up frameworks for cryptocurrencies like Bitcoin, preferably Pan African. Make bitcoin crypto part of your financial system ELSE you will gradually lose to hidden economic cryptocurrency transactions
You have only 1 card to play. Set up frameworks for cryptocurrencies like Bitcoin, preferably Pan African. Make bitcoin crypto part of your financial system ELSE you will gradually lose to hidden economic cryptocurrency transactions
