Bitcoin
$ 48,044
Ethereum
$ 3,615.2
Litecoin
$ 188.80
okex ads

Few Banks in Kenya Are Warning Users Trading on Crypto Exchanges via Bank Cards

Amid Kenya being the most prominent country at the forefront of the crypto revolution sweeping through Africa. A select few of Kenyan banks have started sending warning alerts to their customers who have used their credit and debit cards to buy cryptocurrencies on crypto exchanges.

Reportedly, some of these banks have gone ahead to warn their customers on the dangers of cryptocurrencies, also advising them not to buy, hold, or trade in virtual currencies.

Recall that the central Bank of Kenya (CBK) put out an internal circular to all Kenyan banks warning them to stay away from cryptocurrency transactions or face penalties from non-compliance.

As a result of the CBK’s report circulated, NCBA Bank Kenya Plc sent out an email to clients who have previously transacted on crypto exchanges.

Here is an excerpt from the email:

“In accordance to Central Bank of Kenya’s circular No. 14 of 2015, virtual currencies such as Bitcoin are not legal tender in Kenya. No protection therefore exists for you as our customer in the event that the platform holding or trading in cryptocurrency fails or goes out of business.”

Some of the risks that are associated with holding, buying or trading in virtual currencies include:

Transactions in virtual currencies are largely untraceable, making the susceptible to abuse by criminals.

Virtual currencies are traded in exchange platforms which are not properly regulated all over the world. Consumers may therefore lose their money without having any legal redress in the event these exchanges collapse or close business.

There is no backing of assets, the value of virtual currencies is speculative in nature, and this exposes users to potential losses.

NCBA Bank does not approve cryptocurrency transactions done using your Card or transact with institutions trading in virtual currencies.

Safeguard your finances by not buying, holding or trading in virtual currencies.

If you require more information, please reach out to your Relationship Manager, or our service champions.

 

 

 

 

 

 

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

KENYA IS SET TO HOST THE 2ND ANNUAL AFRICA DIGITAL FINANCE SUMMIT IN FEBRUARY 2022.
September 16, 2021By
DEE DUNCAN (BTC KING) STORMS Coin News Extra ( CNE )/ CNETv 
September 16, 2021By
MASTERCARD PARTNERS AFRICAN FINTECH AND START PATH COMPANY, PAYCODE
September 15, 2021By

Advertisement

Video Posts

In
Impact Of Technology On 4.0
July 6, 20210
In
Importance Of Cryptography
July 3, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin48,044 0.16 % 0.19 % 4.25 %
Ethereum3,615.2 0.17 % 2.57 % 3.39 %
Cardano2.450 0.00 % 3.19 % 0.90 %
Tether1.000 0.01 % 0.14 % 0.17 %
Binance Coin427.81 0.20 % 1.23 % 3.33 %
XRP1.100 0.13 % 0.58 % 0.11 %
Solana157.36 0.85 % 2.93 % 16.89 %
Polkadot35.00 0.27 % 4.53 % 27.13 %
Dogecoin0.2420 0.10 % 1.36 % 5.67 %
USD Coin1.000 0.03 % 0.10 % 0.06 %

You have not selected any currencies to display