Kenya Government Clamps Down on Crypto Currency Firm as Boom Continues

The Kenyan government has suspended all activities associated with the cryptocurrency project WorldCoin in Kenya until risks to the public are assessed, Capital FM reports.
According to Interior Cabinet Secretary Kithure Kindiki, the suspension will remain in effect until relevant security, financial services and data protection agencies establish the authenticity and legality of their activities.
Kenya's interest in cyptocurrency is strong. Capital FM reports that a KnighFrank 2022 attitudes survey showed that young Kenyans under the age of 40 years, who are ultra-high-net-worth individuals, are generating their own wealth in areas such as blockchain technology and metaverse, among other emerging technology.
The cryptocurrency boom has even reached the agriculture sector, where Kenyan farmers are also participating while in 2019, global peer-to-peer bitcoin marketplace Paxful, launched a mobile wallet app to ease cryptocurrency transactions in Kenya.

This article originally appeared on allAfrica.

Image via Quartz.