Thu 10 February 2022:
In response to the country’s rapid acceptance of various digital payments, Kenya’s central bank announced on Thursday that it is looking into the idea of introducing a central bank digital currency (CBDC).
The Central Bank of Kenya (CBK) said in a statement issued in Nairobi, Kenya’s capital, that there has been a global evolution of payments, including electronic money, stable coins, and other cryptocurrencies, necessitating a review of CBDC’s legality in Kenya.
“New digital payment methods have emerged to facilitate transactions, including CBDC issued by central banks to serve as money in digital forms. Naturally, the balance of risks and benefits of CBDC will vary from one economy to another,” said the CBK in the statement, which is soliciting public views on the subject.
The East African country pioneered mobile money payments with Safaricom’s M-Pesa in 2007, but its central bank has not issued a digital currency due to concerns about the risks.
In seeking to introduce the currency, Kenya’s apex bank is following in the footsteps of other countries in Africa.
Tanzanian government officials said last year they were working on a directive from the president to prepare for the introduction of digital currencies.
The central bank and other public bodies in Kenya are required to seek views from the public before taking major decisions.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
_____________________________________________________________________________________________________________
FOLLOW INDEPENDENT PRESS:
TWITTER (CLICK HERE)
https://twitter.com/IpIndependent
FACEBOOK (CLICK HERE)
https://web.facebook.com/ipindependent
Think your friends would be interested? Share this story!
