Today I purchased a newspaper for the first time in 5 years to read about the @CBKKenya plans to issue Kenya shillings backed Central Bank digital currency
ICYMI ⬇️
ICYMI ⬇️
Call me a cynic, but, I don't see the point of a CBDC for a country with real time payments (mobile money and bank payments)
Also I'm wondering how an account with the Central Bank versus an account with a commercial bank makes a difference when both are plagued with inflation risks (of the KES) and even worse, heightened surveillance risk.
What about privacy? Can we trust the Central Bank of Kenya NOT to share your electronic transactional data with the Tax Authority?!
Dunno, I feel this is the Governor @njorogep playing games with the Kenyan public/managing expectations after 7 years of denying people the right to access cryptocurrencies like Bitcoin.
PR.
PR.
Can't wait to see his head on the guillotine. Off with his head! Stay tuned 😉
"No one man should have all that power. Clock's ticking I just count the hours." H/t @kanyewest
📸 photo cred: Cover Art, Kanye West "Power"
"No one man should have all that power. Clock's ticking I just count the hours." H/t @kanyewest
📸 photo cred: Cover Art, Kanye West "Power"
Toxic Sludge is Good For You: Lies, Damn Lies and the Public Relations Industry
The Kenya shillings has been on a decline against the dollar for the last 4 years
$1 = 117 KES (2022)
$1 = 98 KES (2017)
1 BTC = $2000 (2017)
1 BTC = $40, 000 (2022)
The Kenya shillings has been on a decline against the dollar for the last 4 years
$1 = 117 KES (2022)
$1 = 98 KES (2017)
1 BTC = $2000 (2017)
1 BTC = $40, 000 (2022)
The REAL problem that needs addressing is a Pan African settlement method b/c of all the fragmented (worthless) currencies issued by African Central Bankers.
It's why cross border trade across Africa is dependent on foreign currencies like USD.
It's why cross border trade across Africa is dependent on foreign currencies like USD.
Simple experiment: Ask any trader from Nigeria/Kenya which currency they prefer for settlement of trade across borders.
- Bitcoin and crypto
- USD stablecoins
- KES or Naira
No trader in their right mind will opt for a local currency versus another stable foreign currency
- Bitcoin and crypto
- USD stablecoins
- KES or Naira
No trader in their right mind will opt for a local currency versus another stable foreign currency
Generally most African countries are in trouble b/c their currencies are worthless against foreign currencies like USD EUR RMB and now cryptocurrencies too like BTC and ETH
Gets worse b/c foreign currencies are moving to stablecoins and offered as products to African users
Gets worse b/c foreign currencies are moving to stablecoins and offered as products to African users
For example @fonbnk1 allows anyone with a mobile smartphone to convert airtime currency (priced in local currency) into MIN (backed by USDC stablecoin)
100 MIN = $ 1 USDC
100 MIN = $ 1 USDC
So, if given a choice will a user opt into
- USDC / USDT
- EURo backed stablecoins
- cryptocurrencies BTC / ETH / other crypto
OR
- a digital version of a worthless African local currency?!
Wrong answers only 🤣
- USDC / USDT
- EURo backed stablecoins
- cryptocurrencies BTC / ETH / other crypto
OR
- a digital version of a worthless African local currency?!
Wrong answers only 🤣
IMO, this is the BIGGEST threat to African Central Bankers. Losing control of money flows b/c African users have more choice on where and how to store value and transact across borders
https://twitter.com/pesa_africa/status/1492056125994319880?t=patrBlRbUtEJcaFP2PZX4g&s=09
I suspect they will turn into authoritarianism like the Central Bank of Nigeria.
I expect they will force everyone to use a CBDC for some transactions to ensure they have full view of money flowing in and out of the economy.
IMO they have already lost b/c of ...
I expect they will force everyone to use a CBDC for some transactions to ensure they have full view of money flowing in and out of the economy.
IMO they have already lost b/c of ...
B/c Central Bank restrictions on crypto transactions in Kenya 🇰🇪 Nigeria 🇳🇬 Ghana 🇬🇭 catalyzed an explosion in crypto p2p transactions
See thread 🧵 on the history of growth in p2p transactions in key Africa markets
See thread 🧵 on the history of growth in p2p transactions in key Africa markets
https://twitter.com/pesa_africa/status/1470123299715915781?t=66nBmbEZZib2oh2JVrKYwA&s=09
✅ P2p crypto will ALWAYS be an option for African users pushing back against Central Bank imposed policy.
Propaganda
https://twitter.com/brendakerubo7/status/1492034889943822339?t=At7ZYv1r3e-3jWT5xQjVVw&s=19
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