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| Cobak Token 
| #CBK
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| CBK Price: | $0.55 | | Volume: | $62.3 K | | All Time High: | $16.18 | | Market Cap: | $55.1 M |
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| Circulating Supply: | 100,000,000 |
| Exchanges: | 2+
| | Total Supply: | 100,000,000 |
| Markets: | 4+
| | Max Supply: | — |
| Pairs: | 6
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The price of #CBK today is $0.55 USD.
The lowest CBK price for this period was $0, the highest was $0.551, and the current live price for one CBK coin is $0.55136.
The all-time high CBK coin price was $16.18.
Use our custom price calculator to see the hypothetical price of CBK with market cap of ETH or other crypto coins. |
The code for Cobak Token is #CBK.
Cobak Token is 2.4 years old. |
The current market capitalization for Cobak Token is $55,135,827.
Cobak Token is ranked #285 out of all coins, by market cap (and other factors). |
The trading volume is modest today for #CBK.
Today's 24-hour trading volume across all exchanges for Cobak Token is $62,254. |
| The circulating supply of CBK is 100,000,000 coins, which is 100% of the total coin supply. |
| Note that there are multiple coins that share the code #CBK, and you can view them on our CBK disambiguation page. |
Medium: CBK 2023 Roadmap
Dear Cobak Community, Today, we’re going to recap 2022 and present the 2023 CBK roadmap. 2022 Recap In 2022, Cobak made efforts to introduce Layer 2, DeFi staking, launch IDO platform, and upgrade services to expand the CBK ecosystem. ● Introduction of Layer 2 and expansion of partnerships to overcome Ethereum network constraints ● Expansion of trading support exchanges to improve transaction convenience ● Launching a DeFi staking event using Cobak wallet ● Launching of ‘Cobak Global IDO Platform’ for decentralized digital asset exchange ● Securing specialized economic/blockchain content and strengthening News services ● Diversifying user-participating events and strengthen influencer systems to invigorate Cobak community ● Building the worldview of ‘Jonver Beaver’ to strengthen Cobak branding ● Advancement of UX-enhancing services Introduction of Layer 2 and expansion of partnerships to overcome Ethereum network constraints To supplement for the shortcomings of the Ethereum network, the polygon network was introduced at Layer 2, laying the foundation for rapid expansion of the CBK ecosystem and various functions and services through fast transaction processing and low fees. In addition, we have formed a business partnership with Polygon Studio to activate CBK Layer 2, and have registered Cobak in Marketing for Polygon Network Support and Cobak App in Polygon Ecosystem DApp. Layer 2 Introduction ... 
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코박 (cbk) 2023 로드맵
안녕하세요, 코박입니다. 2023년, 계묘년이 된지도 한 달 반이라는 시간이 지났습니다. 현 시점에서 2022년 코박의 발자취를 돌아보며, 2023년 로드맵을 발표합니다. 2022 Recap 2022년 코박은 CBK 생태계 확장을 위해 레이어2 도입, 디파이 스테이킹, IDO 플랫폼 런칭, 서비스 고도화 등에 노력을 기울였습니다. 이더리움 네트워크의 제약을 극복하기 위한 레이어2 도입 및 파트너십 확대, 거래 편의성 향상을 위한 거래지원 거래소 확대, 코박 지갑을 활용한 디파이 스테이킹 이벤트 런칭, 탈중앙화된 디지털 자산 교환을 위한 코박 글로벌 IDO 플랫폼 런칭, 경제/블록체인 전문 콘텐츠 확보 및 뉴스 서비스 강화, 커뮤니티 활성화를 위한 사용자 참여형 이벤트 다각화 및 인플루언서 시스템 강화, 코박 브랜딩 강화를 위한 ‘존버비버’ 세계관 구축 및 콘텐츠화, UX 향상을 위한 서비스 고도화, 이더리움 네트워크의 제약을 극복하기 위한 레이어2 도입 및 파트너십 확대 이더리움 네트워크의 단점을 보완하기 위해 폴리곤 네트워크를 레이어2로 도입하여, 빠른 거래 처리 속도와 낮은 수수료를 통해 CBK 생태계의 빠른 확장 및 다양한 기능과 서비스를 확장할 수 있는 기반을 마련하였습니다. 또한 CB...
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Please watch out for Cobak impersonating twitter.
Dear Cobak community, At 12:27 a.m. on January 12, a fake Cobak twitter account uploaded a tweet to a scam site, saying it was conducting airdrops worth 1 million CBK, and contains what lead to wallet connections and claims. The URL of the phishing site is “cobaktoken.web.app”, and it is recommended not to access the site because it may be dangerous to your PC. Checking the twitter account in more detail, the Twitter ID of the Cobak official account is @CobakOfficial, and the Twitter ID of the impersonated account is @CobakOfficiaI. It looks similar, but I’m telling you that the last letter of official account is lowercase l and the impersonation account is capital I of i. Also, the account has 6,000 followers, and the Cobak official account has 8,000 followers, so please don’t be confused. Currently, the report on the account has been completed, and it will take some time for the report to be filed, so please be careful not to fall for the scam. Many scams have been appearing in the blockchain market since the new year. I wish everyone a safe cryptocurrency life. Thank you.
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[공지] 코박 트위터 사칭 계정을 주의하시기 바랍니다.
안녕하세요, 코박입니다. 1월 12일 새벽 12시 27분, 가짜 코박 트위터 계정에서 코박이 100만 CBK 상당의 에어드랍을 진행한다고 하며 피싱 사이트로 이동해 지갑 연결 및 클레인을 유도하는 트윗을 업로드했습니다. 피싱 사이트의 URL은 cobaktoken.web.app이며,해당 사이트에 접속하는 것도 PC에 위험할 수 있으니 접속하지 않으시는 것을 추천드립니다. 조금 더 자세하게 해당 트위터 계정을 확인한 결과 코박 공식 계정의 트위터 아이디는 @CobakOfficial이고, 사칭 계정의 트위터 아이디는 @CobakOfficiaI입니다. 겉으로 봐서는 유사해 보이지만, 공식계정은 소문자 l, 사칭계정은 i의 대문자 I인 점 말씀드립니다. 현재 해당 계정의 팔로워는 6,000명대이고,코박 공식계정의 팔로워는 8,000명대이니 혼동 없으시길 바랍니다. 현재 해당 계정에 대한 신고가 완료된 상태로, 신고가 접수되기까지는 시간이 다소 소요될 것으로 보이니 모두 해당 스캠에 속지 않도록 주의를 부탁드립니다. 새해부터 블록체인 시장에 많은 스캠들이 나오고 있습니다. 코박러 모두의 안전한 블록체인 생활을 기원합니다. 감사합니다.
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판도라TV(www.pandora.tv) 서비스 종료 공지
안녕하세요, 코박입니다. 당사에서 제공하는 서비스인, 판도라TV 서비스 종료에 관한 공지를 드리고자 합니다. <판도라TV 서비스 종료 공지> (주)판도라티비 당사는 동영상 미디어 플랫폼 서비스 회사에서 블록체인 기반의 차세대 서비스로 도약하고자 판도라TV 서비스 종료를 결정하였습니다.판도라TV 사업은 지속적인 적자로 회사의 리스크 요소였기 때문에 이번 조치를 통해 법인의 수익성이 개선될 것으로 예상됩니다. 판도라TV 서비스 종료가 CBK 프로젝트에 미치는 영향이 없으며 운영은 이전과 다름 없이 진행됩니다. 이번 조치는 기존에 웹 2.0 시대의 한국 대표 UCC를 이끌었던 판도라TV 서비스를 종료하고 새로운 웹 3.0으로 가기 위한 사업적 조치입니다. 법인은 블록체인 기반의 사업으로 집중하기 위한 발판을 마련하고 리소스 사용을 효율화하여 웹 3.0 서비스로 탈바꿈하기 위한 지속적 서비스 개선을 진행하고자 합니다. 코박토큰의 홀더들에게도 프로젝트가 성장할 수 있는 더 좋은 기회가 제공될 것입니다. 감사합니다.
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[공지] “제1회 코박과 트레이딩” 안내
안녕하세요 코박입니다. 코박토큰의 신규 상장을 기념하여 코박 유저 여러분을 위해 다음과 같은 여러 이벤트가 준비되었습니다. 자세한 소식은 코박 홈페이지(cobak.co.kr) 또는 코박 앱(iOS/Android)의 공지를 참고하여 주시기 바랍니다. 다음의 세부 사항을 유의하여 주시기 바랍니다. — 가입만 해도 에어드랍이??. — 진행기간: 2022년 11월 15일 ~ 2022년 11월 29일, 진행방법:, 코박 웹사이트(cobak.co.kr) 홈 화면 우측 LBank 버튼을 클릭 또는 코박 이벤트 공지(cobak.co.kr/community/8/post/777472) 내 가입 링크(www.lbank.info) 클릭하여 신규 가입하기 (이메일 주소로 가입), 가입한 이메일 주소를 해당 공지 비밀 댓글 남기기, 당첨방법: 랜덤 추첨, 당첨인원: 총 1,000명, 당첨금액: 1인당 5CBK, 당첨자 발표: 2022년 12월 1일 코박 공지를 통해, — 제 1회 코박과 트레이딩. — 진행기간: 2022년 11월 16일 ~ 2022년 11월 29일, 진행방법:, 코박 이벤트 공지 내 링크를 통해 가입한 계정을 통해 진행기간 동안 현물 거래하면 자동으로 참가, CBK {구매}시 해당 건에 대해 거래량 1.5배 적용, 11월 23일에 중간 순위 발표, 당첨방법:, 거래량이 높은 순서대로 1등, 2등, 3등 선정, 참가자 전원 대상 랜덤 추첨, 당첨...
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[Notice] Announcement of “<1st> Trade with Cobak”
Dear Cobak Community, To celebrate a newly listing of CBK on a global exchange market, we have prepared the following events that are held in the Cobak community. Please keep in mind the following for the details: — Register to Earn CBK!. — Duration: 2022 Nov. 15th ~ 2022 Nov. 29th, How to participate:, Click the LBank icon on the top right corner of Cobak website(cobak.co.kr) or the new registration link (www.lbank.info) on community notice(cobak.co.kr/community/8/post/777472) to register a new account(E-mail address)., Leave your registered E-mail address under the hidden comment section., How to win: Draw from all participants, How many winners: 1,000 random winners, Reward amount: 5 CBK per winner, Winner announcement: Community notice on 2022 Dec. 1st, — <1st> Trade with Cobak!. — Duration: 2022 Nov. 16th ~ 2022 Nov. 29th, How to participate:, Spot trade through the account that is newly registered through the registration link on community notice, and an individual will automatically participate., If you {Buy} CBK, each trade will be applied 1.5x the volume., Ranking will be announced in the middle, on Nov. 23th., How to win: 1) Highest volume in order to decide 1st, 2nd and 3rd place 2) Draw from all participants, How many winners: 1) 1 for 1st place,3 for 2nd place, 10 for 3rd place 2) 10 random winners, Reward amount:, 1,000 CBK for 1st place, 500 CBK each for 2nd...
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[공지] Cbk 신규 상장 안내
안녕하세요 코박입니다. CBK의 생태계 확장과 관련하여 주요 사항은 안내드립니다. 다음의 세부 사항을 유의하여 주시기 바랍니다. 거래소명: LBank, 웹사이트: www.lbank.info, 공지: LBank 공지 링크, 입금 시작: 15th NOV 6AM UTC, 거래 시작: 16th NOV 6AM UTC, 출금 시작: 17th NOV 6AM UTC, 입금 가능한 메인넷: ERC20 / Polygon [멀티체인 지원], 항상 저희 코박 커뮤니티와 CBK 생태계에 많은 성원과 지지를 보내주셔서 대단히 감사드립니다. 앞으로도 지속적으로 플랫폼과 토큰 생태계 발전에 임할 것을 약속드립니다. 감사합니다. 코박팀 드림. — LBank 소개 - LBank는 2015년에 설립된 최고의 암호화폐 거래소 중 하나입니다. LBank는 사용자에게 전문 금융 파생상품, 전문 자산 관리 서비스 및 안전한 암호화폐 거래를 제공합니다. 이 플랫폼은 전 세계 210개 이상의 지역에서 700만 명이 넘는 사용자를 보유하고 있습니다. LBank는 사용자 자금의 무결성을 보장하고 암호화폐의 글로벌 채택에 기여하는 것을 목표로 하는 최첨단 성장 플랫폼입니다. LBank 접속하기: lbank.com 커뮤니티 & 소셜 미디어:Telegram: t.meTwitter: twitter.com — 코박 - 코박은 블록체인/암호화페 커뮤니티 플랫폼으로 2018년부터 국내 사용자들에게 ...
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[Notice] New listing announcement of CBK
Dear Cobak Community. We have an important announcement, regarding CBK tokens. Please keep in mind the following for the details Exchange: LBank, Website: www.lbank.info, Announcement: LBank Announcement link, Deposit opens: 15th NOV 6AM UTC, Trading starts: 16th NOV 6AM UTC, Withdrawal opens: 17th NOV 6AM UTC, Available Mainnet: ERC20 / Polygon [Multi-chain support], Thank you all for supporting the Cobak and CBK ecosystem. We will develop further to increase the utilization of CBK in our platform. — About LBank - LBank is one of the top crypto exchanges, established in 2015. It offers specialized financial derivatives, expert asset management services, and safe crypto trading to its users. The platform holds over 7 million users from more than 210 regions across the world. LBank is a cutting-edge growing platform that ensures the integrity of users’ funds and aims to contribute to the global adoption of cryptocurrencies. Learn more about LBank: lbank.com Community & Social MediaTelegram: t.meTwitter: twitter.com — About Cobak - Cobak is a blockchain and crypto community platform that has served local users since 2018. Cobak was purchased by MovieBloc in 2020 and has been under its roof since. Cobak is currently listed on UPbit, Bitthumb, Gate.io and Coinone. Cobak is the only crypto service provider in Korea that is generating substantial crypto transactions excluding cryptocurrency exchanges. Cobak...
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[공지] TOKEN2049 Singapore Medium
안녕하세요 코박입니다. 저희를 항상 응원해주시는 여러분께 많은 감사를 표합니다. 오늘 저희는 TOKEN2049 싱가포르 컨퍼런스에 참여한 것을 여러분께 알려드립니다. 이번 컨퍼런스는 싱가포르, 마리나 베이 샌즈 컨벤션 센터에서 9월 28일 ~ 29일간 진행되었습니다. 코박의 사업개발팀은 이번 컨퍼런스 방문을 위해 싱가포르를 다녀왔고 블록체인 업계를 이끌어나가는 주요 인사들과 교류하고 시장 트렌드를 확인할 수 있었습니다. 코박은 앞으로도 글로벌 리더들과 파트너쉽을 확장하기 위해 이러한 활동을 지속할 예정입니다. IR 활동의 일환으로 코박은 이미 커뮤니티 유저들과 이번 경험과 교류에 대해 공유하였고 각각 800 조회수 이상을 달성하였습니다. TOKEN2049 Singapore 방문 1일차: cobak.co.kr TOKEN2049 Singapore 방문 2일차: cobak.co.kr 현재 코박의 IR 활동에 대한 열정과 의지는 지난 언제보다 가장 활발합니다. 또한, 코박은 앞으로도 글로벌 서비스 확장 뿐만 아니라 전세계에 커뮤니티 플랫폼의 힘을 보여주기 위해 더욱 앞장서 나갈 것을 여러분께 알려드립니다. №1 블록체인 커뮤니티가 되기 위해 코박은 앞으로도 계속 전진하겠습니다. 감사합니다. :) 코박 코박은 블록체인/암호화페 커뮤...
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 | Report: Kenya to Start Levying Tax on Revenue Earned by Crypto Exchanges
According to regulations published by the country's treasury secretary, global crypto exchanges used by Kenya's estimated 4 million users will start paying a 1.5% tax on revenues earned. Tax-Avoiding Digital Asset Platforms
The Kenyan Treasury has said it will start levying taxes on revenues earned by cryptocurrency exchanges used by an estimated 4 million local residents. According to a report by Business Daily Africa, Kenyan authorities will rely on the 1.5% digital tax service that became effective on Jan.1, 2021.
Initially proposed in 2020, the digital tax is the Kenyan government’s attempt to extract revenue from leading crypto exchanges and tax-avoiding digital asset platforms. As reported by Bitcoin.com News in early January 2021, the Kenya Revenue Authority (KRA) said it expected to get $45.5 million (5 billion Kenyan shillings) from the tax.
Meanwhile, as shown in the 2023 regulations' value added tax (electronic, internet and digital marketplace supply) published by Treasury Cabinet Secretary Njuguna Ndung’u, Kenya can now target global crypto exchanges.
'For the purposes of these Regulations, a taxable electronic, Internet or digital marketplace supply include…facilitation of online payment for, exchange or transfer of digital assets excluding services exempted under the Act,' the published regulations state.
Alongside Nigeria and South Africa, Kenya has one of Africa's highest proportions of the population owning crypto. However, like its peers...
|  | Kenyan Forex Crisis: Central Bank Orders Financial Institutions to Ratio...
Growing shortages of foreign exchange on the interbank market have reportedly forced the Central Bank of Kenya to ask financial institutions to ration dollar purchases by Kenyan businesses. The shortages have forced Kenyan firms to seek greenbacks on alternative markets where the exchange rate is higher than the official government rate.New Limits Curtailing Operations of Kenyan Firms
Kenya’s ongoing foreign exchange shortages have reportedly forced the Central Bank of Kenya (CBK) to instruct financial institutions to impose caps on the amount of forex that businesses and individuals can purchase. According to a Business Daily report, some financial institutions have imposed caps as low as $5,000 per day. The imposed limits make it difficult for Kenyan manufacturers and importers to meet their obligations.
The shortages, which reportedly began in mid-2022, suggest that the country’s foreign currency woes are worsening. In October of that year, a CBK statement denied Kenyan Deputy President Rigathi Gachagua's claims that the country lacked foreign exchange to import oil. The central bank insisted at the time that all the forex used for oil imports is sourced from commercial banks.
Despite the CBK's contention that the country had sufficient foreign reserves, an unnamed executive with a local manufacturing company suggested that the situation is getting worse.
'We are now scavenging for dollars. Only half of every six banks we call daily for dollars will have someth...
|  | Crypto Policy: Kenyan Senate Ready to Engage Central Bank
The Kenyan Senate's Information, Communication and Technology committee has said it is ready to engage the Central Bank of Kenya (CBK) and other stakeholders in shaping the country's policy towards crypto assets and virtual asset service providers. According to the committee, such a policy helps govern the use of crypto assets in the country 'to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks.'Harnessing the 'Benefits of Financial Innovation'
A Kenyan Senate committee recently said it has resolved to work with the Central Bank of Kenya (CBK) and other stakeholders in its bid to establish the East African nation’s policy towards virtual asset service providers (VASPs) and 'the use of crypto assets in Kenya'
In a statement issued via Twitter, the Senate’s Committee on Information, Communication and Technology argued that the establishment of such a policy will help Kenya enjoy the benefits of innovation.
'While considering the response received from the CBK regarding the Committee’s inquiry on digital assets infrastructure in Kenya at Parliament Buildings, the Members of the Cmte emphasized the need to have a laid down policy that governs the Central Bank Digital Currency and crypto assets in the country to ensure Kenya harnesses the benefits of financial innovation while minimizing the risks,' the Senate tweeted.
Promoting the Adoption of Technology and Innovation Within the Financial Sector
Meanwhile, the Senate commit...
|  | Report: Flutterwave CEO in Bid to Recover Millions Stuck in Kenya
According to reports, the CEO and co-founder of the Nigerian fintech Flutterwave, Olugbenga Agboola, recently visited Kenya where he sought to convince the country's monetary authorities to grant the firm access to funds that have been blocked since July 2022. Agboola claimed that his firm had 'instituted a number of changes over the past year to ensure all internal governance structures are best-in-class.'Money Laundering Allegations
More than six months after a Kenyan High Court granted an order to freeze bank accounts belonging to the Nigerian fintech unicorn Flutterwave, Olugbenga Agboola, the co-founder and CEO of the startup, is seeking to convince the Central Bank of Kenya to end the embargo. In addition, Agboola reportedly used his recent trip to the East African state to push for the licensing of his firm.
As previously reported by Bitcoin.com News, more than 50 Flutterwave bank accounts holding funds equivalent to nearly $60 million were frozen at the behest of the Asset Recovery Agency (ARA). The agency accused Flutterwave of laundering money and of flouting Kenya’s national payment system laws.
However, according to a Business Daily report, the ARA has withdrawn from the court case that won it the freeze order in December 2022. The report added that the ARA’s withdrawal, as well as the recent dismissal of a case brought against Flutterwave by some 2,000 disgruntled Nigerians, raised the startup’s chances of regaining access to the blocked funds.
...
|  | Report: Kenyan Lawmaker Proposes Introducing Crypto Income and Capital G...
According to a capital markets amendment bill reportedly sponsored by Kenyan lawmaker Abraham Kirwa, cryptocurrency holders in the country will be obliged to pay taxes on gains. In addition, the bill (if passed into law) would require crypto holders to furnish Kenya's Capital Markets Authority with details such as 'the amount of proceeds from the transaction, any costs related to the transaction, and the amount of any gain or loss on the transaction.'Sharing Crypto Transaction Details With Regulator
As per a capital markets amendment bill reportedly before the Kenyan parliament, individuals holding cryptocurrencies might in the future be required to pay taxes commensurate with the gains made, a report has said. Kenyans holding cryptocurrency for a period exceeding twelve months will be required to pay capital gains tax while those holding for less than a year are obliged to pay income tax.
Besides Kenyan crypto holders, the amendment bill also seeks to introduce taxes that target cryptocurrency exchanges and digital wallets. According to a Business Daily report, the amendment bill is being sponsored by Abraham Kirwa, a member of parliament (MP) for the Mosop constituency.
In addition to proposing taxes, the bill proposes that persons holding digital assets must share details concerning how and when the crypto was acquired with Kenya’s Capital Markets Authority (CMA).
'A person who possesses or deals in digital currency shall provide the Authority with the following info...
|  | Kenyan Central Bank Rejects Deputy President Rigathi Gachagua's Claims C...
The Central Bank of Kenya appeared to rebuke the country's new deputy president Rigathi Gachagua, after it rejected the latter's claims the East African nation lacks enough foreign exchange to import oil. According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. Central Bank Only Sources Forex for the Government
The Kenyan central bank has pushed back against remarks made by the country's deputy president Rigathi Gachagua which implied the East African nation lacks foreign exchange reserves to import fuel. In a statement, the bank said it 'does not supply foreign exchange for transactions other than for the national government.'
According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. This has been the case since the complete liberalization of the foreign exchange market in the 1990s, the bank's statement added.
In addition, the Central Bank of Kenya (CBK) insisted that it is mandated to adhere to the requirements of the country's central bank act. Known as the Central Bank of Kenya Act (26), the law requires:
[The CBK] at all times use its best endeavours to maintain a reserve of external assets at an aggregate amount of no less than the value of four months' imports as recorded and averaged for the last three preceding years.
Kenya's Bleak Prospects
According to the CBK, Kenya's import cover stood at 4.64 months as of September ...
|  | Kenyan Central Bank Raises Key Rate by 75 Basis Points
The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on the domestic economy. Growing Inflationary Pressures
Following its latest meeting, the monetary policy committee (MPC) of the Central Bank of Kenya (CBK) announced it approved increasing the central bank rate (CBR) from 7.50 percent to 8.25 percent. The MPC, which is chaired by the central bank governor Patrick Njoroge, approved the interest rate adjustment to shield Kenya from the imploding global economy.
With the upward adjustment of the CBR, the Kenyan central bank appeared to follow in the footsteps of the Central Bank of Nigeria which recently increased its monetary policy rate by 150 basis points. However, unlike the CBN, which hiked interest rates after seeing its inflation rate jump from 17.01% in July to 20.52% in August, the Kenyan MPC took the step to increase the CBR by 75 basis points even when the East African nation's inflation rate only went up by 0.2% from 8.3% in July to 8.5% in August.
Justifying its decision, the MPC cites growing inflationary pressures and the increased global risks, as well as their likely impact on the domestic economy. In a statement, the MPC revealed it took the step after observing there was 'scope for a tightening of the monetary policy to fur...
|  | Kenyan Central Bank Says It's 'Craziness' to Convert Country's Reserves ...
The Kenyan central bank governor Patrick Njoroge has described as 'craziness' the calls to convert Kenya's reserves into bitcoin. He added that he would have to be out of his mind before agreeing to this. Njoroge argued that cryptocurrencies like bitcoin are not only volatile, but are hardly solving any problem. CBK Governor Says Converting Kenya's Reserves to Bitcoin Deserves a Jail Term
The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has described the idea of putting the country's reserves into bitcoin as 'craziness.' Njoroge, who was addressing recently elected members of Kenya's legislature, added that if it occurred that he agrees to convert Kenya's reserves to bitcoin, he should be jailed and the keys to his prison cell must be thrown away.
Under Njoroge's stewardship, the CBK has issued statements and advisories warning Kenyan residents against trading or investing in cryptocurrencies. For instance, Bitcoin.com News reported in June 2022 that Njoroge, together with the Central Bank of Nigeria (CBN) deputy governor Kingsley Obiora, had cited cryptocurrencies' volatility as one of the reasons why they cannot become a widely used payment method.
Yet, despite Njoroge and the CBK's opposition, several studies have suggested that Kenyan residents' use of, or investment in, cryptocurrencies is growing. For example, the peer-to-peer crypto exchange Paxful recently revealed that its users from the country had digital assets valued at $125 million during the first hal...
|  | Flutterwave Kenya License Controversy: Fintech Giant Reportedly Applied ...
The Nigerian fintech unicorn, Flutterwave, reportedly said it submitted an application for a payment service provider license to the Central Bank of Kenya back in 2019. The fintech also said it has remained in constant contact with the central bank and is hopeful it will get the license. CBK Allegations
The Nigerian fintech giant Flutterwave has said it submitted an operating license application to the Central Bank of Kenya (CBK) back in 2019. Flutterwave's move to dispel concerns it may be operating illegally follows the CBK's decision to bar Kenyan financial institutions from having business dealings with fintech groups.
As previously reported by Bitcoin.com News, the CBK's directive to financial institutions was issued shortly after CBK governor Patrick Njoroge told journalists that Flutterwave and Chipper Cash were running money remittance businesses without licensing and authorization from the central bank. Similar allegations were also made by Kenya's Asset Recovery Agency, which went on to block Flutterwave's bank accounts holding more than $50 million.
After reports of the fintech's Kenyan licensing troubles emerged, Flutterwave reportedly responded by suggesting that its entry into this market had been 'through partnerships with banks and mobile network operators licensed by the Central Bank of Kenya.'
However, according to a report by Business Daily, Flutterwave now claims that in addition to applying for an operating license, it has worked with the CBK and is stil...
|  | Kenya is the African Leader in Crypto Adoption (Report)
A study conducted by the United Nations (UN) determined that 8.5% of Kenya's population own digital assets, which makes up around 4.25 million people. This makes the country a leader in cryptocurrency adoption across Africa, while globally, Ukraine ranks first, with 12.7% of its residents being HODLers.
Kenyans' Surging Appetite for Crypto
Kenya - an African nation considered a tech and innovation hub on the continent - has been tied to the cryptocurrency industry for years now. In 2020, amid the COVID-19 crisis, struggling citizens of the country turned to local digital assets (such as Sarafu) to aid their monetary issues.
According to a recent UN study, Kenyans' interest in crypto has increased in the following years, and currently, it is the leading African nation in terms of HODLers. The report stated that 8.5% of the domestic population, or over 4.2 million people own digital assets. In comparison, 7.1% of the South African residents and 6.3% of Nigerians have bitcoin or alternative coins.
It is worth noting that Kenya's crypto adoption rate surpasses top economies, including the United States (8.3%). However, it is hard to establish the value of digital currencies held by Kenyans due to the lack of supervision in the sector:
'The returns from cryptocurrency trading and holding are, as with other speculative trades, highly individual. On balance, they are overshadowed by the risks and costs they pose in developing countries. The sector is not regulated in the country and...
|  | Report: Kenyan and Nigerian Central Bankers Attack Cryptocurrencies but ...
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap
The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to become an acceptable payment method. The bankers also insisted that cryptocurrencies pose a risk to financial stability, a Reuters report has said.
As per the report, the bankers namely, Kingsley Obiora, the deputy governor of the Central Bank of Nigeria (CBN) and the Kenyan central bank governor Patrick Njoroge, believe that a central bank digital currency has a better chance of narrowing the financial exclusion gap. The central bankers added that only a central bank digital currency (CBDC) can reduce the cost of transacting.
In the report, Obiora, who spoke at an International Monetary Fund (IMF) moderated virtual summit, is quoted explaining why his institution is opposed to cryptocurrency. He said:
The volatility it creates can become a source of instability in the system.
Kenya to Issue a CBDC
For his part, Njoroge is quoted in the report questioning what he believed to be the hype that is associated with cryptocurrencies. The Kenyan central bank governor nonetheless hinted that his institution may eventually regulate crypto assets as a 'wealth product.' Besides regulating the privately issued digital currenc...
|  | CryptoBlades: Guide and Review of the Interactive Play-to-Earn Game
The Play-to-Earn (P2E) gaming sector has grown into a powerful concept within the cryptocurrency industry as non-fungible tokens took flight and legitimized a new segment in the market.
Gaming has long been touted as one of the best applications for blockchain-based technology. Even though it’s still in its nascency, GameFi has proven to be a model that players enjoy.
For example, CryptoBlades — a blockchain and web-based NFT roleplaying game — attracted the interest of hundreds of thousands of users. Initially deployed on the BNB Chain (BSC), it expanded to other networks to achieve transaction efficiency and improved user experience. CryptoBlades was also named the Most Valuable Builder in the BSC incubation program.
The following is a complete guide on playing the game and an honest review of our experience playing CryptoBlades in 2022. You can also check our video guide on the game:
What is CryptoBlades?
As mentioned above, CryptoBlades is an innovative web-based NFT roleplaying game that launched on the BNB Chain (formerly - Binance Smart Chain). Developed by Riveted Games, CryptoBlades brings forward plenty of mechanisms that set the tone for future developments and trends in play-to-earn gaming.
Although it originally started on BSC, the game has expanded to other networks to achieve transaction efficiency, improve the gameplay experience, and maximize players’ earnings. At the time of this writing, in April 2022, the game is available on the f...
|  | Kenya Central Bank Governor: Low Smartphone Penetration Working Against ...
According to Patrick Njoroge, the governor of the Kenyan central bank, the significant number of non-smartphones that are in use in Kenya means launching a central bank digital currency (CBDC) now may be premature and could lead to many citizens being financially excluded.Central Bank Mulls Delaying CBDC Rollout
The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has suggested the lack of access to smartphones of more than half of Kenya's mobile phone users is working against its plan to launch a CBDC. He warned the central bank may be forced to delay its rollout of the CBDC as a result.
According to Njoroge's remarks published by Business Daily, proceeding with the rollout of the digital currency will likely see Kenyans without a smartphone being locked out. This blockade of non-smartphone users, in turn, works against the central bank's goal of further narrowing the proportion of the population that is financially excluded.
Njoroge explained:
The CBDC will have a minimum viable technology requirement, which may be a sort of fourth-generation (4G) environment. There is an argument to be made that such a development could lead to greater financial exclusion such that some people may fall out of the financial system just because we have adopted a CBDC… This is something we need to be careful about.
The governor suggested the CBK may have to wait until Kenya has more smartphone users. As noted in the Business Daily report, out of the 59 million mobile devic...
|  | Report: Kenya Central Bank Governor Reiterates His Opposition to Cryptoc...
The Kenyan central bank governor has once again told Kenyans to be wary of the risks that are associated with cryptocurrency transactions and trading. The governor also warned financial institutions supporting cryptocurrency transactions that they risk losing their licenses. Crypto Trading Beneficial to a Few
The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has reiterated that his institution still opposes cryptocurrency transactions. The governor also suggested that Kenyan citizens must always be wary of investing in highly volatile asset classes such as cryptocurrencies.
In remarks published by the East African newspaper, Njoroge - who was addressing Kenyans that attended the World Consumer Rights Celebration Day - suggested that investing in cryptocurrencies is only beneficial to a few people. He explained:
There are people who are excited about cryptocurrencies because they see it as a sort of investment that they can win big because prices are going up quickly, so they believe they would see a huge return for their investment. But I think that is why we say for every person who wins something, there are hundreds who lose.
Njoroge also pointed out that crypto transactions are not only unregulated but such transactions could also be illegal. The governor is quoted in the Kenyan newspaper's report warning financial institutions that are caught facilitating cryptocurrency transactions that they risk losing their licenses.
Protecting the Public
As previously...
|  | Bank of Canada and MIT to Conduct a Joint Research Project on CBDC
Canada's central bank collaborated with the Massachusetts Institute of Technology (MIT) to launch a twelve-month research project on central bank digital currency (CBDC). The study will inform the financial institution about the product's potential merits and its possible implementation in the monetary network.
Bank of Canada Catches the CBDC Wave
According to a recent announcement, the central bank of Canada joined a number of countries that are already actively exploring CBDCs. Specifically, it partnered with MIT on a one-year research project to explore how 'advanced technologies could affect the potential design of a CBDC.'
The initiative is part of the bank's broader development agenda on cryptocurrencies and fintech. The institution said the experiment will follow how CBDC interacts with the financial system. However, whether a CBDC will be introduced in Canada or this is just a research project with no follow-up remains unknown. The central bank informed it will provide further details on the outcome at the end of the experiment.
CBDC is the digital form of a country's fiat currency. Unlike the decentralized nature of private digital assets, it is totally controlled by the authorities. As such, it is no wonder that numerous politicians have argued that the financial product will be a better option than crypto.
Such is the case with the IMF's Managing Director – Kristalina Georgieva. Last month, she suggested that a 'prudently' designed CBDC could be 'safer' than ...
|  | Combining Bitcoin's Best Attributes With Features of Established F...
Deloitte believes Bitcoin and cryptocurrencies can help deliver a payment system that is fast, secure, effective, can facilitate efficient cross-border transactions, but there are challenges to overcome first.
In the latest study called 'State-sponsored cryptocurrency,' Deloitte provided a fresh perspective of a central bank's digital currency by revamping the traditional fiat system and adapting Bitcoin's innovation.
Win-Win Game
According to Deloitte, combining the best attributes of the technology of cryptocurrencies with the features of an established fiat currency under the sponsorship of a central bank would result in a new method of handling payments. It could revolutionize the current system by cutting costs, reducing errors, enhancing transfer speed without compromising privacy and anonymity.
The analysis also demonstrated that the foundation of a 'state-sponsored cryptocurrency' or a CBDC will be very much similar to Bitcoin.
Its differences, on the other hand, would include no cap on money supply (which could induce inflation similar to fiat currency), regulated with KYC/AML provisions, and centralization, among others. While maintaining that state-sponsored cryptocurrency or CBDCs may not replace Bitcoin, digital assets, or fiat in their entirety, Deloitte stated,
'So while the scenario posed by cryptocurrencies carries challenges, it could ultimately spawn a series of new opportunities that would free up capital for more productive uses, and transform the current...
|  | Kenyan Central Bank Document Discusses Benefits and Risks Posed by CBDC ...
Kenya's central bank has acknowledged in a recently released document that a central bank digital currency could potentially benefit the country's financial system. The bank, however, warned that rolling out a CBDC could also pose risks to the same. CBDC's Impact on Financial Stability
The Central Bank of Kenya (CBK) has suggested in a discussion paper that a central bank digital currency (CBDC) could potentially lead to enhanced cross-border payments and 'efficiency gains.' However, in a recently released document that discusses CBDCs, the bank acknowledges such digital currencies could also pose risks to the financial system.
For instance, in the document, the bank cites 'unknowns' as to how the digital currency would impact central banks' core functions of monetary policy, financial stability, and payment systems oversight. The CBK also regurgitates the financial disintermediation argument which is sometimes used by opponents of CBDCs. The document states:
If significant deposit balances are moved from bank deposits to CBDC, banks' ability for credit creation could get constrained. Since central banks cannot provide credit to the private sector, the impact on the role of bank credit needs to be well understood.
The document added that 'as banks lose a significant volume of low-cost transaction deposits' this may lead to an increase in the cost of credit. The central bank, meanwhile, claimed that launching a CBDC could possibly lead to financial exclusion 'if the required t...
|  | Kenya Explores CBDC by Starting a Public Discussion
The Central Bank of Kenya (CBK) said a potential CBDC could positively impact the local financial system. Nonetheless, the institution introduced a discussion paper to find out what the general public thinks on the matter.
Seeking Society's Opinion
According to the CBK, launching a central bank digital currency could flatten the multi-layered correspondent banking structure and enhance cross-border payments. The latter will become more efficient and less costly, the organization added.
Despite its favorable stance on such a monetary product, the central bank released a discussion paper to examine if locals are supportive. They will be able to analyze both threats and opportunities, which a CBDC might bring forth. Those willing to participate have until May 20, 2022, to submit their comments.
Press release: Issuance of Discussion Paper on Central Bank Digital Currency (CBDC) for Public Comments. The Discussion Paper examines the applicability of a potential Central Bank Digital Currency (CBDC) in Kenya. pic.twitter.com/8vdcQNz7cG
— Central Bank of Kenya (@CBKKenya) February 10, 2022
Kenya's central bank added that a CBDC could potentially shield society from 'the risk of new forms of private money by providing safer and more trustworthy payment services than new forms of privately issued money-like instruments, such as stablecoins.' On the other hand, the institution did not rule out the possibility that such a financial product presents an opportunity for cyberattack...
|  | Central Bank Governor Says Kenya's Position on Cryptocurrencies Ha...
Kenya's position on cryptocurrencies is still unchanged the governor of the Central Bank of Kenya (CBK), Patrick Njoroge has said. Njoroge latest remarks come as Kenya continues to cement its position as one of the countries on the African continent that has the highest adoption of cryptocurrencies.
CBK's New Stance of Cryptocurrencies to Be Unveiled Soon
The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has said Kenya's stance on cryptocurrencies remains unchanged. Njoroge, who made the comments soon after the CBK's monetary policy announcement, revealed however that the central bank will be talking more about cryptocurrencies in the near future.
As noted in the Kenyan Wallstreet report, the governor's reiteration of the CBK's stance on cryptocurrencies is coming more than six months after reports emerged that Kenyan banks were issuing alerts that urged clients to desist from the practice of trading cryptocurrencies.
Njoroge's reaffirmation of the central bank's position on cryptos is also coming in the wake of reports that Kenya is now ranked the African country with the highest percentage of its population that hold cryptocurrency. In addition, Kenya is expected to continue leading the world's peer-to-peer cryptocurrency market in 2022.
Central Bank Governor Urges Patience
Yet, despite these reports and the data suggesting that Kenya had Africa's second-largest peer-to-peer bitcoin traded volumes in 2021, Njoroge appeared to suggest that his institution wi...
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