Trending
- UAE support paves the way for Madagascar’s first gold refinery plant
- UAE is capable of shaping a new ‘inclusive, sustainable and global’ investment landscape
- Africa’s quest to unlock trillion-dollar food economy potential
- Partners back AIM Congress 2024 vision for global economic stewardship
- AIM Congress 2024: pre-event forums set the stage for strategic insights on global showcase
- Kenya, Tanzania braces for torrential floods as Cyclone Hidaya approaches
- EAC monetary affairs committee to discuss single currency progress in Juba talks
- Falling transport and food costs drive down Kenya’s inflation to 5 per cent in April
Browsing: CBK calls for public views on digital currency
The Central Bank of Kenya added that all countries in the region needed to participate in flattening the multi-layered correspondent banking structure and shortening the payment chains for a digital currency to work.
The development of CBDCs has been on the rise. According to a 2021 survey of central banks by the Bank for International Settlements (BIS), 86 per cent of central banks are in the process of researching the potential for CBDCs, 60 per cent are experimenting on them, and 14 per cent were deploying pilot projects.
The CBK has maintained the cryptocurrency ban and has not issued a digital currency due to concerns about the risks of a CBDC.…
