Kenya fears bitcoin is a threat to economic stability, but Japan begs to differ

Bitcoin’s unregulated nature is a threat to Kenya’s economic stability, according to the country’s central bank.

The Central Bank of Kenya recently placed advertisements to warn residents against using the popular digital currency, saying that cryptocurrency products like bitcoin is “not legal tender in Kenya and therefore no protection exists in the event that the platform that exchanges or holds the virtual currency fails or go out of business.”

Kenya isn’t the first country to be wary of digital currency. We have Russia, which remains undecided if it wants to criminalize bitcoin-related activities or not. In Kenya’s case, however, the central bank appears to be miffed with the idea that bitcoin are unregulated at the moment—meaning it doesn’t have any jurisdiction over its use in the country.

Well, Kenya could learn a thing or two from its Japanese counterpart.