Former COO, Equity Bank of kenya says, Cryptocurrencies are a Ponzi Scheme

The regional CEO of Jubilee Insurance and the former Chief Operating Officer of Equity Bank, one of the largest banks in East Africa, has said bitcoin and cryptocurrencies are a ponzi scheme.

Speaking during a business seminar, Mr. Julius referred to cryptocurrencies as ‘hot air’ and urged attendees to avoid touching bitcoin and cryptocurrencies.

This latest statement comes just a few weeks after the CEO of yet another Kenyan bank, MOriental Bank, said they will not be offering crypto exposure to their clients due to the current Central Bank of Kenya regulation prohibiting financial institutions from dabbling in cryptocurrencies.

Ironically, the CEO of Equity Bank has previously expressed confidence in blockchain and its use case in the financial ecosystem. He has also said that the bank has been looking into the technology and how it can be implemented within the bank.

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