The central bank of Kenya has announced via twitter on June 2, that it received over one hundred comments from members of the public, commercial banks, IT companies, and various other players including nine nations regarding the release of a central bank digital currency (CBDC).
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Press Release – Issuance of Discussion Paper on Central Bank Digital Currency: Comments from the Public pic.twitter.com/dMlrUj2eD6
— Central Bank of Kenya (@CBKKenya) June 2, 2023
Digital Shilling Under Development
As per the recent reports, the central bank stated that it will “continue to monitor developments” and adopt a “measured approach” to consider evaluating the introduction of a digital shilling in the years to come. Notably, the central bank noted over this matter:
“Implementation of a CBDC in Kenya may not be a compelling priority in the short to medium term,” the bank added:
“Significantly, Kenya’s pain points in payment could potentially continue to be addressed by other innovative solutions around the existing ecosystem.”
A “Crazy” Decision: Patrick Njoroge
The news comes after the governor of Kenya’s central bank, Patrick Njoroge, claimed in September that he was being pressured by cryptocurrency enthusiasts to exchange the nation’s assets for Bitcoin (BTC). Njoroge referred to the decision as “crazy” during a meeting with lawmakers. He said that given Bitcoin’s volatility, it does not make much sense to exchange the assets for it.
The governor also made a suggestion that lawmakers might encounter a push to change legislation to facilitate bitcoin use. It is important to note that the Central Bank of Kenya has previously recommended residents from adopting Bitcoin and other cryptocurrencies owing to the risks involved. However, even after the UN’s proposal that the country adopt stringent controls, there aren’t many specific rules governing the sector.
Kenya’s Huge Interest in Digital Assets
In addition, based on a survey, Kenya has the highest percentage of cryptocurrency users on the continent (8.5% of the population, or 4.25 million individuals) due to the growth in the usage of cryptocurrencies in Africa. In October of last year, as the TheCoinRise reported, Kenya was ranked fourth globally among nations with an interest in cryptocurrencies.
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