Wed. Jun 12th, 2024

Kenya’s Central Bank Says It May Not Be A Strong Priority To Launch A Central Bank Digital Currency CBDC.

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 The Central Bank of Kenya in a press release titled “Issuance of Discussion Paper on Central Bank Digital Currency: Comments”  noted that the Public received comments on a discussion paper on the potential issuance of a digital shilling, haven’t reached a definitive conclusion.

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In a June 2 announcement on Twitter, Kenya’s central bank said it received more than 100 comments from members of the public, commercial banks, tech firms and other participants across nine countries regarding the issuance of a central bank digital currency, or CBDC. The responses varied from highlighting potential benefits and risks, but the central bank said it would “continue to monitor developments” and take a “measured approach” to consider assessing the rollout of a digital shilling in the future.

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“Implementation of a CBDC in Kenya may not be a compelling priority in the short to medium term,” said the central bank. “Significantly, Kenya’s pain points in payment could potentially continue to be addressed by other innovative solutions around the existing ecosystem.”

The statement followed the discussion paper Kenya’s central bank released in February 2022. The bank added that it had been collaborating with other central banks behind proofs-of-concept for CBDCs but noted “the allure of CBDCs is fading” on the global stage.

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