East Africa to set up common central bank in its march toward single currency
The decision on where to set up the East African Monetary Institute will be made this year, as the region lays the foundation for a single regional currency.
Latest Kenya News
Digital asset adoption, CBDC efforts, new laws and more: Africa’s 2022 in review
Morocco lifted the ban on digital assets, Kenya is now taxing Bitcoin, Nigeria drafted its first law recognizing Bitcoin, Zambia delved into CBDCs and more.
Africa must regulate the digital asset industry, IMF says
IMF says Africa stands at great risk if it fails to rein in its Bitcoin industry—the fastest growing globally—especially for countries making BTC legal tender.
BIS: African central banks pushing for CBDCs, but their motivation differs from other regions
Bank for International Settlements found that payment system efficiency is the key motivator, but unlike other regions, African central banks see CBDCs as a great tool for monetary policy.
Kenya to tax 4 million digital asset owners under new bill
The Capital Markets (Amendment) Bill will be the first law to govern the digital asset industry and will impose taxes akin to the existing 20% excise duty.
Kenya digital currency-friendly fintech Flutterwave and Chipper Cash operating illegally: central bank
The bank says that the two firms never acquired the licenses to serve Kenyans, even as Flutterwave gets caught in a $52 million money laundering scandal.
Morocco is scrapping its ban on digital currency as adoption soars
Morocco banned digital assets back in 2017, but the locals have continued to explore Bitcoin, and today, only Nigeria, South Africa, and Kenya have more owners.
Kenya’s largest power producer lures block reward miners with geothermal energy
KenGen PLC is luring miners with cheap geothermal energy and claims it has already been approached by a number of miners from across Europe and the United States.
Equity Bank Kenya CEO: Digital currencies can complement mobile money
The CEO of Equity Bank Kenya said that commercial banks need to convince regulators of the benefits of digital currencies if they want to have a future in the country.
Central Bank of Kenya: State-backed digital currency won’t solve all financial challenges
The CBK governor believes that central banks must address their financial challenges directly before launching a digital currency as it risks exacerbating them.
Low smartphone penetration will hinder CBDC adoption, Kenya central banks says
The central bank governor believes it may be wise to delay the possible rollout of a digital shilling as those without smartphones will be locked out.
Kenya explores CBDC, calls for public feedback
The Central Bank of Kenya published a discussion paper on central bank digital currency, noting that a CBDC-powered cross-border remittance is one of the key areas it’s exploring.