Status : Research
Usecase : Retail
In October 2020, CBK Governor Njoroge noted that the central bank has been in discussion with global players about CBDC and that the push to study CBDCs came from the popularity of cryptocurrencies in the country. In February 2022, the CBK launched a paper comparing the benefits and costs of a CBDC, but did not arrive at any conclusion on a decision. The CBK also invited public comment on a potential CBDC. Kenya has also participated in regional discussions regarding a potential cross-border CBDC project. In June 2023, the CBK released a statement noting that a designing a CBDC is not a priority for in the short to medium term. The bank further stated that Kenya’s challenges in payments could be addressed by innovative solutions working within the existing ecosystem.
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