Kenya's central bank exploring CBDCs due to 'mushrooming' of private cryptos
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....
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Nine out of 10 central banks globally are exploring central bank digital currencies (CBDCs), according to the latest survey by the Bank of International Settlements (BIS). Furthermore, “the emergence of stablecoins and other cryptocurrencies have accelerated the work on CBDCs.”
BIS Central Bank Digital Currency Survey
The Bank of International Settlements (BIS) published a report last week titled “Gaining momentum — Results of the 2021 BIS survey on central bank digital currencies.” The report is authored by the bank’s senior economist....
There are now 105 countries that are exploring central bank digital currencies (CBDCs). Among them, 50 countries are in an advanced phase of digital currency exploration (development, pilot, or launch). 105 Countries Are Exploring CBDCs The Atlantic Council’s Geoeconomic Centre has released a major update to its Central Bank Digital Currency (CBDC) Tracker. According to the tracker: 105 countries, representing over 95 percent of global GDP, are exploring a CBDC … A new high of 50 countries are in an advanced phase of exploration (development, pilot, or launch). Furthermore,....
“A key opportunity where CBK sees potential value is the use of CBDC in facilitating cross-border transactions," the announcement reads. The Central Bank of Kenya (CBK) has published a discussion paper on its central bank digital currency (CBDC), seeking public input on the potential benefits and risks and regulatory issues of introducing a CBDC in Kenya.In a statement, the CBK has highlighted that using a CBDC might improve cross-border payments by making them more efficient and less expensive. The regulator says that CDBC solutions can flatten the multi-layered correspondent banking....
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....
Eighty-one countries are now exploring central bank digital currencies (CBDCs), according to a new tracker. This number is 46 more countries than the number in May last year. In addition, five countries have fully launched their own digital currencies. 81 Central Banks Explore Launching Own Digital Currencies The Atlantic Council’s Geoeconomics Center unveiled a new central bank digital currency (CBDC) tracker featuring an interactive database last week. The Geoeconomics Center described itself as “a nonpartisan organization that galvanizes U.S. leadership and engagement in the....