Media instructed to provide guidance

A Kenyan cabinet secretary estimated that his people lost over $120 million to cryptocurrency fraudsters in the previous fiscal year. Joe Mucheru, the secretary, added that many Kenyans fall victim to scams due to a lack of knowledge.

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Mucheru said during his comments at a conference centered on law and order that the number of persons suffering as a result of financial losses to criminals may be decreased if the media plays a role. He elaborated:

I believe that while you are reporting and investigating these concerns, you may also be guiding people on the right path, advising them on where to invest and how to protect themselves.

Mucheru also promoted ideas and information exchange between the administration and the media. This, he said, allows the parties to work even more effectively.

Kenya, like many other African nations, is plagued with bitcoin frauds disguised as genuine ventures. For example, in December 2021, a report from Bitcoin.com News reported that a Kenyan businessman was being investigated for allegedly scamming investors using his Aidos Kuneen cryptocurrency. According to the article, investors in the businessman's fraudulent cryptocurrency lost more than $140 million.

Thus, in addition to advising Kenyans, Mucheru asked Kenyan media outlets to consider becoming repositories for investor-friendly information. "You should really create a storehouse for a lot of the information that people genuinely need," he said.

Clients of Privat bank not allowed to send Hryvnia to crypto trading platforms

Privatbank, Ukraine's biggest bank by assets, has blocked its customers from moving payments in Ukrainian hryvnia, the country's fiat currency, to cryptocurrency exchanges. The interim prohibition was implemented on March 16.

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According to Forklog, the policy derives from a decree made by the National Bank of Ukraine (NBU) on Feb.24, the day Russia started its armed invasion of the nation.

Although the legislation does not expressly reference cryptocurrency transactions, it governs the financial system's functioning under martial law and imposes harsher constraints on bank activities. For example, daily cash withdrawals were capped at 100,000 hryvnias (about $3,400), and the hryvnia's exchange rate was regulated.

Banks are not permitted to conduct cross-border money transfers from Ukraine on behalf of their customers, Privatbank noted in its release. The bank clarified, "Transferring money for use on cryptocurrency exchanges is not an exemption."

Binance, the world's largest cryptocurrency exchange by trading volume, verified the news of Privatbank's decision regarding hryvnia deposits, the article states. The business warns consumers that other banks may follow suit and advises them to use peer-to-peer trading.

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Ukraine has begun taking cryptocurrency contributions in order to support defensive measures against advancing Russian soldiers and to meet mounting humanitarian needs. The prohibition comes despite President Volodymyr Zelenskyy's signing of the country's new legislation "On Virtual Assets" earlier this week.