Bitcoin is touted as biggest innovation in a century, but the CBK seems clueless

What you need to know:

  • Bitcoin has a unique design that confounds regulators and monetary authorities attempting to pigeonhole it.
  • The Bitcoin Investment Trust is a US bitcoin investment vehicle trading on OTCQX, the most heavily regulated of over-the-counter exchanges.
  • I would not recommend it to anyone who is not fully aware of the risk-reward ratio. 

On December 15, the Central Bank of Kenya issued a caution on bitcoin, which it termed as a virtual currency. Virtual currency is a broad term encompassing reward schemes such as Safaricom’s bonga points, frequent flyer points, and supermarket’s loyalty points.

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