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.
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.
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.
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.
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.
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 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.
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.
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.
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.