Effect of Crypto Currency on Financial Market in Kenya

Abstract

Purpose: This study sought to determine the effect of cryptocurrency on financial market in Kenya. The study sought to specifically determine the effect of Bitcoin Ethereum, and Litecoin on financial market in Kenya. Methods: The current study adopted a qualitative research design. The specific research design qualitative research design that was adopted was a desktop research design. Results: Studies have agreed that crypto-currencies have an impact on the financial market. However, studies observes that though cryptocurrency market have a significant effect on financial market, the impact is negative. The study therefore recommends that the government must consider developing explicit regulations for cryptocurrencies. Conclusion: The government may potentially make money by levying fees on digital and online transactions, but this benefit can only be realized if the crypto business is governed by a proper legal framework.