Kenyan firms turn to cryptos for foreign supplier payments

Rough estimates put the total number of crypto users in Kenya at more than 730,000, but the IMF says the number could be bigger.

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A large number of Kenyan firms are now using cryptocurrencies for payments to foreign suppliers whenever there are dollar shortages or a weakening of the shilling, the International Monetary Fund (IMF) has revealed.

Cryptocurrencies or crypto assets are digital forms of money that are not issued or regulated by any particular monetary authority and are traded online.

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