CBK Unaware Of Worldcoin Transaction Details, Cites Commercial Bank Realm

The Central Bank of Kenya (CBK) has stated that it lacks details regarding the transactions involving the crypto project Worldcoin within the country, as confirmed by Governor Kamau Thugge.

Thugge emphasized that CBK does not possess the capability to monitor foreign exchange transactions taking place within commercial banks, where these transactions occur.

He made these remarks before the parliamentary committee, chaired by Narok West MP Gabriel Tongoyo, in response to a query from Kisumu East MP Shakeel Shabbir, who alleged that two Kenyan individuals had purchased shares in US dollars totaling Sh1.4 billion ($10 million) each from Worldcoin.

Also Read: Parliament Committee Begins Probe into Worldcoin Activities

Governor Thugge underlined the significance of foreign exchange transactions within commercial banks, reaching a substantial trillion-dollar sum. He noted that amidst this large market, detecting a $10 million (Sh1.5 billion) transaction is exceptionally challenging.

Shakeel claimed that this money had been transferred into the country via the mobile payment service, Mpesa. However, Thugge clarified that CBK does not monitor Mpesa transactions, highlighting that the mobile banking service handles approximately Sh35 trillion in transactions annually.

This information was presented by Thugge while serving as a witness before a parliamentary committee tasked with investigating the suspended Worldcoin activity.

The committee commenced its work last week and is expected to complete its task within 42 days.