Kenyan central bank criticises Facebook’s plans for cryptocurrency

The Central Bank of Kenya (CBK) has joined growing global voices against Facebook’s plan to launch cryptocurrency 2020, Business Daily reported. The apex bank says it is “miles away” from allowing the use of virtual money. Facebook announced plans in June to launch a digital coin called Libra in 2020. 

The plan has been sharply opposed by central banks globally, including the Federal Reserve of the US, who fears the adoption of the social media’s currency by its more than 2.3 billion users could disrupt the global financial system. 

CBK Governor Patrick Njoroge said the risks are phenomenal and need to be understood better before making a statement. Njoroge said Kenya has been in touch with global counterparts through the Swiss-based Bank for International Settlements (BIS), the G20 Finance Ministers and Central Bank Governors’ meeting, to which Kenya is occasionally invited as a guest.

Concerns have been raised over the possible risks posed by Libra to data…