Despite a surge in blockchain and crypto adoption, Kenya's central bank is biding its time on a digital shilling.
The Central Bank of Kenya received comments on a discussion paper on the potential issuance of a digital shilling and hasn’t reached a definitive conclusion.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.
“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.” Press Release - Issuance of Discussion Paper on Central Bank Digital Currency: Comments from the Public
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