The Central Bank of Kenya (CBK) has started a discussion about the possibility of using digital currency in Kenya.
The Central Bank of Kenya has published a discussion paper on its central bank digital currency , seeking public input on the potential benefits and risks and regulatory issues of introducing a CBDC in Kenya., the CBK has highlighted that using a CBDC might improve cross-border payments by making them more efficient and less expensive.
“A key opportunity where CBK sees potential value is the use of CBDC in facilitating cross-border transactions, while it is difficult to quantify the benefits, CBDCs may have the potential to lead to efficiency gains by flattening the multi-layered correspondent banking structure and shortening the payment chains.”
The watchdog has given Kenyans until May 20 to submit their comments on the paper that examines the dangers and possibilities of CBDC, which has already been implemented in several nations worldwide, including Nigeria. The CBK will gather comments on the issue for 100 days through anPress release: Issuance of Discussion Paper on Central Bank Digital Currency for Public Comments. The Discussion Paper examines the applicability of a potential Central Bank Digital Currency in Kenya.
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