Kenyan Finance Minister John Mbadi has announced the imminent legalization of cryptocurrencies. This is a serious step for a country that currently prohibits the use of digital assets.
True, strict restrictions do not prevent Kenyans from investing in cryptocurrencies, storing savings in them and conducting crypto transactions. This has become especially relevant in the context of high inflation in the country and limited access of residents to traditional banking services. This was acknowledged by the Minister of Finance himself. John Mbadi said that the Kenyan financial sector has gone through too long a history of innovation.
Now the country's government will not hinder the growth of the crypto sector and is not going to suppress innovation. Instead, the authorities plan to adopt a series of laws in order to create a clear legal framework for regulating cryptocurrencies.
Earlier, it was reported that Kenya plans to bring its cryptocurrency standards in line with the requirements recommended by the International Monetary Fund.
On the other hand, Mbadi said that the introduction of cryptocurrencies entails many problems, the main ones being fraud, illegal use of digital assets and terrorist financing. He also recalled the instability of the crypto market. The Kenyan authorities plan to cope with these risks by creating a safe environment in which "innovations can develop without compromising financial stability."
