Kenya’s head at Egypt meeting: virtual currencies are atomic bombs

Virtual currencies like bitcoin pose a threat to the global financial stability, Kenya’s central bank governor warned at a banking meeting in Egypt.

They’re like atomic bombs, central bank head Patrick Njoroge described virtual currencies at the 41st meeting of the Association of African Central Banks (AACB) in Sharm El-Sheikh, Egypt.

Bitcoin-based transactions are linked with untraceable flows of money from unknown entities, Njoroge said.

Worldwide regulation of virtual currencies is still in its early stages, as many countries condemned involving virtual currency activities.