The CBK governor believes that central banks must address their financial challenges directly before launching a digital currency as it risks exacerbating them.
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.
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.
2021 had it all in Africa for digital currencies—adoption soared by 1,200% as Kenya led global P2P trades, but there was the bad as well, like a $3.8B scam.
Africa has seen massive growth since June last year, with the need for cheap remittances, rise of P2P platforms, and savings needs leading the adoption, according to Chainalysis.
Kenya has ranked first in the world for P2P volume for the second year in a row and fifth for adoption – local traders and startup founders share their views.
Kaspersky found that investors in Rwanda and Ethiopia have the highest ratio of targeted attacks at over 3%, with Nigeria and Kenya also ranking highly.
Justus Abonyo, a nominee for Kenya’s electoral commission, says blockchain-based voting would bring down the cost of elections by over 90%.
The law charges a digital services tax on all digital marketplaces and services, as the government seeks to raise $46 million from the sector.
Integrating blockchain technology can help Kenya save billions of dollars lost each year to corruption, according to the United Nation.
The Central Bank of Kenya is in discussions with other central banks globally regarding the introduction of a central bank digital currency.