Citibank warns over risk of Kenya bitcoins

Kenya is among countries that would “be meaningfully affected by a bitcoin price crash.” FILE PHOTO | NMG

Citibank analysts have warned that Kenyans have accumulated holdings of bitcoin estimated at more than Sh163 billion, which could cause widespread disruption to the economy were the cryptocurrency to collapse.

The Citi study reveals a rising popularity of the virtual currency despite regular warnings by regulators, citing a lack of legal backing.

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