Its Insane To Allow Bitcoin: Kenya’s Njoroge
The Governor of Kenya’s Central Bank attacks the bitcoin usage and says that they will refuse to force the new technologies upon them just because they are the latest one.
Patrick Njorge says that the bitcoin and other virtual currencies should be considered as a threat to the financial market instead of viewing as the great development in the financial technology by the people.
He further told that these currencies need to be stamped out in the emerging markets and you would out of your mind to allow the BTC.
Patrick points out the defects in the system by saying that there are lots of occasions where the hacking of Bitcoin has been done. One of the main selling points of the Bitcoins were that it could not be hacked, but it has happened lots of time. As a result of the hack, the bitcoin exchange Bitfinex reports a loss of $65 million, which is the latest in a long series of such kinds of incidents. Njoroge also states that the history of Bitcoin is chequered and it was used by lots of actors for hiding the illegal transactions.
Patrick is also aware of the fact that the regulator will bear the brunt of the fallout from a Bitcoins disastrous. He says that if you choose to invest in the central bank, you don’t need to care much about the risk because there is somebody else will take the risk for you, which is the central bank.
Both the Janet Yellen of the US Federal Reserve and Mark Carney of the Bank of England have expressed a great interest in the Bitcoin and its underlying technology. The central bankers globally were encouraged by the Yellen to pay some more attention to these latest financial technologies. What do you think? Please share..