The Central Bank of Kenya issued a public notice entitled “Caution to the public on virtual currencies such as bitcoin", which said that virtual currencies are not legal tender and remain unregulated in Kenya. This means that “no protection exists in the event that the platform that exchanges or holds the virtual currency fails or goes out of business.”
The notice also set out the risks associated with the use, holding of, and/or trading of virtual currencies, and warned the public to desist from transacting in bitcoin and similar products.