Kenya Not in a Hurry to Adopt Digital Currency: Governor, Central Bank
According to the Governor of Central Bank of Kenya, the country should not hurry to adopt digital currency. While almost every tech-friendly country out there is taking active stands to integrate Bitcoin and its underlying technology, blockchain, into their ecosystems, Kenya seems to be taking it slow. Patrick Njoroge, the Governor of the Central Bank of Kenya, has recently warned that the country should not rush into adopting virtual currencies yet. He doubts if the country is ready to handle the potential complications that may arise in absence of an adequate regulatory setup. Taking cue....
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According to Patrick Njoroge, the governor of the Kenyan central bank, the significant number of non-smartphones that are in use in Kenya means launching a central bank digital currency (CBDC) now may be premature and could lead to many citizens being financially excluded.
Central Bank Mulls Delaying CBDC Rollout
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The Kenyan central bank governor has once again told Kenyans to be wary of the risks that are associated with cryptocurrency transactions and trading. The governor also warned financial institutions supporting cryptocurrency transactions that they risk losing their licenses. Crypto Trading Beneficial to a Few The governor of the Central Bank of Kenya (CBK), Patrick Njoroge, has reiterated that his institution still opposes cryptocurrency transactions. The governor also suggested that Kenyan citizens must always be wary of investing in highly volatile asset classes such as....
The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has said his institution is currently exploring the use of central bank digital currencies (CBDC) to settle cross-border payments. Njoroge however insists the bank’s priority is getting it right rather than being the first.
CBK’s Approach
According to a report by the Kenyan Wallstreet, Njoroge — who made these remarks while attending a virtual Afro-Asia Fintech festival — argued that such a CBDC would enhance the efficiency of cross-border payments. The report nonetheless quotes Njoroge....
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The Governor of the Central Bank of Kenya told reporters the institution is "already feeling left out." The Central Bank of Kenya, or CBK, has reportedly started discussions with international central banks to explore the possibility of entering the central bank digital currency space.CBK governor Dr. Patrick Njoroge told reporters during Georgetown's DC Fintech week that:"“We [the CBK] are already having discussions with other global players, in various ways, around the introduction of Central Bank Digital Currencies. The push comes as a result of mushrooming of private cryptocurrencies....