NAIROBI: In response to the country's wide emergence of various digital payments, Kenya's central bank has indicated it is looking into the idea of introducing a central bank digital currency (CBDC).
The Central Bank of Kenya (CBK) said in a statement issued in Nairobi, Kenya's capital, on Thursday that there has been a global evolution of payments, including electronic money, stable coins, and other cryptocurrencies, necessitating a review of CBDC's viability in Kenya.
"CBDC, a digital form of money issued by central banks, has developed as a new digital payment method to simplify transactions. Naturally, the risk-benefit ratio of CBDC will differ from one economy to the next "The CBK said in a statement that it is seeking public input on the issue.
Kenya's central bank is following in the footsteps of other African countries in attempting to launch the currency.
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