THELOGICALINDIAN - A few Kenyan banks accept started sending out admonishing alerts to audience affianced in cryptocurrency trading to be alert of the associated risks These warnings accept reportedly been beatific to audience who accept acclimated their acclaim and debit cards to buy cryptocurrencies on crypto exchanges
Crypto Trading Risks
According to a bounded report, one of the banks, NCBA Bank Kenya is now advising audience “not to buy, hold, or barter in basic currencies.” In a admonishing beatific to audience who accept ahead transacted on crypto exchanges, NCBA Bank said:
Throughout the emailed alert, the NCBA Bank repeats the accepted curve that are acclimated by axial banks back attempting to discredit agenda currencies. For instance, NCBA Bank says “transactions in basic currencies are abundantly untraceable, authoritative them affected to corruption by criminals.”
Unregulated Crypto Exchanges
Furthermore, the coffer additionally warns that cryptocurrencies are traded on barter platforms which “are not appropriately regulated” and that consumers accident accident all their funds in the “event these exchanges collapse or abutting business.” While NCBA Coffer audience can still transact with cryptocurrency exchanges, the coffer still warns that it does not “approve cryptocurrency transactions.”
In the meantime, the address speculates that the banks’ latest activity could beggarly that the CBK still frowns on cryptocurrencies. For example, in 2015 the axial coffer issued an advising asking Kenyans to abandon from cryptocurrency transactions. Similarly, in April 2018, the CBK cautioned banks adjoin ambidextrous in cryptocurrencies.
However, admitting these warnings, crypto trading continues to abound in Kenya and some letters say the country now has the second-largest peer-to-peer traded volumes on the continent. It charcoal to be apparent if acts by Kenyan banks are activity to apathetic bottomward crypto traded volumes.
What are your thoughts on Kenyan banks’ accommodation to acquaint audience adjoin ambidextrous with crypto exchanges? You can allotment your angle in the comments area below.
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