Njoroge — who was addressing Kenyans at the World Consumer Rights Celebration Day — stated in statements published by the East African daily that investment in cryptocurrency benefits just a select few individuals. He elaborated:

Some individuals are thrilled about cryptocurrencies because they feel it is a kind of investment in which they may profit handsomely since prices are rising rapidly, and so they believe they will get a large return on their investment. However, I believe that is why we say that for everyone who succeeds, there are hundreds who fail.

Njoroge further noted that cryptocurrency transactions are not only unregulated but may also be unlawful. The governor is mentioned in an article in a Kenyan daily as saying financial institutions that facilitate bitcoin transactions risk losing their licenses.

As previously reported by Bitcoin.com News, the CBK governor reiterated that the bank's position on cryptocurrencies had not changed, despite the growing popularity of digital currencies among Kenyans. Previously, Kenyan media indicated that the CBK had persuaded certain banks to send warning signals to customers involved in bitcoin trading.

However, the East African article states that the CBK would promote cryptocurrency transactions only if enough protections are in place to protect the public.

"We are collaborating with other stakeholders and authorities worldwide to ensure the safety of space," Njoroge was reported as saying.

El Salvador defers Bitcoin Bond Issuance due to unfavorable conditions

El Salvador's finance minister, Alejandro Zelaya, revealed today that the Central American nation would delay the launch of its highly anticipated Bitcoin-backed bond in order to wait for market circumstances to improve.

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Initially, the government intended to issue $1 billion in bonds between March 15 and March 20. The government aims to convert $500 million in fiat currency into Bitcoin and utilize the remaining $500 million on infrastructure and Bitcoin mining. Investors must keep the bond for at least five years, during which time they will receive dividends when El Salvador liquidates the BTC. Additionally, the idea has been dubbed "volcano bonds" due to the projected exploitation of the Conchagua volcano as a source of energy for mining.

According to Zelaya, recent market volatility and the Russia-Ukraine conflict have forced officials to delay the debut date, maybe until September. However, he notes that entering the foreign market in the autumn is challenging.

"The moment is not right to issue the bond," Zelaya said. He continues to express optimism for an early release in the first part of the year.

When the bond is officially published, it will be issued by Blockstream, a Bitcoin infrastructure business focused on increasing Bitcoin adoption via the use of the blockchain developer's Liquid protocol. The Liquid Network is a layer-2 implementation of Bitcoin that enables the production of security tokens and other digital assets.

EIC decryption Dan Roberts is joined by Laura Angel (from Mexico City), Jose Lanz (from Brazil), and contributor Mathew DiSalvo (from Colombia) to discuss El Salvador and Nayib Bukele, as well as zoom out and evaluate the larger LatAm crypto environment at the moment.

El Salvador became the world's first nation to embrace BTC as legal money last year. The decision has elicited both acclaim and condemnation from prominent politicians, government bodies, and the International Monetary Fund (IMF). On many occasions, the latter has said that El Salvador's adoption of Bitcoin creates "a lot of macroeconomic, financial, and legal difficulties."

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Additionally, this month, a bipartisan trio of United States senators presented the Accountability for Cryptocurrency in El Salvador (ACES) Act, which would require the State Department to develop a strategy to mitigate the dangers to America's economic system posed by El Salvador's Bitcoin Law. The measure expresses "serious reservations" about El Salvador's monetary policies.

Since El Salvador legalized Bitcoin in September, the cryptocurrency has reached an all-time high of $68,000 but has also fallen to its current price of $42,414, according to CoinMarketCap.com.