According to regulations published by the country’s treasury secretary, global crypto exchanges used by Kenya’s estimated 4 million users will start paying a 1.5%...

Deloitte's new analysis states that Bitcoin can help revolutionize the current financial system by creating efficient state-sponsored CBDCs.

Kenya starts exploring CBDCs and asked the broad public to express their viewpoint on the financial products so let’s read further in today’s latest cryptocurrency news. Kenya starts exploring CBDCs and said that they could positively impact the local financial system but the Central Bank even introduced a discussion paper to find out what the […]

Kenya’s central bank has acknowledged in a recently released document that a central bank digital currency could potentially benefit the country’s financial system. The bank, however, warned that rolling out a CBDC could also pose risks to the same. CBDC’s Impact on Financial Stability The Central Bank of Kenya (CBK) has suggested in a discussion…

The post Kenyan Central Bank Document Discusses Benefits and Risks Posed by CBDC — Public Asked to Comment appeared first on Bitcoin News Miner.

Central Bank Digital Currencies (CBDCs), a phenomenon that took over the global financial system in 2021, is now getting popular among African economies.

The Central Bank of Kenya (CBK) has released its discussion paper on the possibility of a central bank digital currency (CBDC) and is now awaiting feedback from the public regarding the potential benefits and risks associated with it along with the regulatory concerns. Those willing to participate have until May 20, 2022, to submit their comments. In a discussion paper examining the potential use of a digital currency, the central bank said that CDBC solutions could flatten the multi-layered correspondent banking structure and shorten the payment chains. “This discussion paper is part of CBK’s initiatives to ensure informed policy review regarding financial sector innovations. CBK invites the public, industry and stakeholders to review this discussion paper on CBDC and provide feedback and ideas to be considered when assessing the use case for CBDC in Kenya,” it said. According to the financial institution, a CBDC could potentially shield the public from the risk of new forms of private money by providing safer and more trustworthy payment services in comparison to the new forms of money such as stablecoins. Overall, CBDC also presents an opportunity for cyberattacks and other security threats, including data privacy issues. Nigeria became the first country in Africa to launch its central bank digital currency (CBDC), in October last year while Ghana is at the advanced stage of launching its digital currency. Similarly, Zambia is also carrying out research on CBDCs. Currently, Kenya ranks 5th in the 2021 Global Crypto Adoption Index, according to blockchain analysis firm Chainalysis. As of June 2019, 91 countries are currently involved in sovereign digital currency research with just 14 advancing to the pilot stage, according to the Atlantic Council . Overall nine countries have already implemented a CBDC.

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Kenya's central bank highlighted CBDC's merits and asked the broad public to express their viewpoint on the financial product.

Applicability of a digital Kenyan shilling is being weighed up by the country's central bank, which is requesting public feedback

The post Kenya Seeks Public Opinion on Potential CBDC appeared first on Blockworks.

Kenya joins the growing list of countries that are exploring national digital currency options. The Central Bank of Kenya has said the use of a Central Bank Digital Currency (CBDC) could enhance cross-border payments by making them more efficient and less costly. More and more countries are now exploring a CBDC option. Earlier, the Indian […]

Kenya’s position on cryptocurrencies is still unchanged the governor of the Central Bank of Kenya (CBK), Patrick Njoroge has said. Njoroge latest remarks come as Kenya continues to cement its position as one of the countries on the African continent that has the highest adoption of cryptocurrencies. CBK’s New Stance of Cryptocurrencies to Be Unveiled […]