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Kenya Central Bank Takes Ambivalent Stance on Digital Currency

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.CBKKenya expressed an ambivalent attitude on CBDC issuance, saying it may not be a compelling priority and 'the allure of the CBDC is fading'.camomileshumba reports

, the central bank said it received more than 100 comments on a consultation it started in February. Respondents came from nine countries and included representatives from commercial banks and institutions.

Respondents highlighted benefits of a CBDC such as increased efficiency, and also risks including high implementation costs and financial exclusion, it said. The central bank said countries that had issued a CBDC, which is a digital token issued by a central bank, have faced issues"that have hampered implementation" and that the recent instability in the crypto market has amplified concerns. Nigeria, for example, has

 

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