Cabinet Secretary for Information, Communication, and Technology Joe Mucheru has revealed that he had invested in bitcoin and reaped hugely.

“I exited and I am not complaining,” he said during the opening of the Nairobi Innovation Week.

He added that the ministry is setting up a task force to explore how the blockchain technology can be harnessed to improve transparency and efficiency in the public and private sector.

The technology – which powers the cryptocurrency transactions – allows records to be stored separately but are linked using a secure code making it impossible to modify data.

“I am convinced that the areas of blockchain and artificial intelligence are going to be extremely key for the things we are going to do in the next five years,” said Mucheru.

“One bitcoin is now valued at Sh. 1.3 million from Sh. 770,000 in mid-November 2017 with earlier bitcoin investors reaping over 1,000 percent in return on investment.

Cryptocurrencies have gained popularity among Kenyan investors with many of them asking how to invest in bitcoin in Kenya.

However, the Central Bank has repeatedly warned on the use of cryptocurrencies as an asset class or a currency, though CBK Governor Dr. Patrick Njoroge has said the blockchain technology can be harnessed by the government to improve efficiency.