Rad I’m sure Citibank, a reputable global bank wouldn’t just plonk figures like that. :-) It’s instructive to note that Citi has a highly coveted Private Banking Service here in Kenya. According to Wikipedia Citi Private Bank, a subsidiary of multinational banking conglomerate Citigroup, markets private banking services for ultra-high net worth clients, including entrepreneurs and senior corporate executives. It has 60 offices in 23 countries. To qualify for a Citi Private Bank account, one must have a net worth of at least US$25 million. This requirement is waived for law firm clients and qualified high-net-worth individual clients. Citi Private Bank's major competitors are JP Morgan Chase, Goldman Sachs, United States Trust Corporation, UBS, and HSBC Private Bank. If you convert that 160 billion shillings odd its a mere $1.6 billion..In the scheme of things this is not even a rounding error in some balance sheets. :-) Ali Hussein Hussein & Associates +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim Blog: www.alyhussein.com "Discovery consists in seeing what everyone else has seen and thinking what no one else has thought". ~ Albert Szent-Györgyi Sent from my iPad
On 15 Jan 2018, at 12:40 PM, Rad! via kictanet <[email protected]> wrote:
That figure does not sound credible. I'd be keen to know how they arrived at that
On Mon, Jan 15, 2018 at 11:51 AM, Ali Hussein via kictanet <[email protected]> wrote: Listers
Interesting warning from Citibank.
Citibank analysts have warned that Kenyans have accumulated holdings of bitcoin estimated at more than Sh163 billion, which could cause widespread disruption to the economy were the cryptocurrency to collapse. The Citi study reveals a rising popularity of the virtual currency despite regular warnings by regulators, citing a lack of legal backing. Read on:- Citibank warns of over risk of Bitcoin investment in Kenya
Ali Hussein Principal Hussein & Associates
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.