Kenya ponders on a potential creation of CBDC in the country
The Central Bank of Kenya (CBK) has reportedly issued a discussion that will assess the applicability of a central bank digital currency (CBDC) in the country, and comments from the public on the technology is also allowed and appreciated. This new move revealed that the country has been considering the adoption of the technology for a while but clarification on the impact of having a CBDC in the country with a real-time payment system is needed.
Co-Pierre Georg, a professor at the University of Cape Town, said to the media: “Given the dominance of M-Pesa in the country, I think the key question is: What can a CBDC do that M-Pesa cannot?”
Being one of the pioneers in mobile money with their M-Pesa wallet, Kenya is known to have deep pockets in the digital money market, as it has 68.03 million mobile money accounts as of December 2021 with most of them coming from M-Pesa, which is one of the payment methods of best au online casino due to its Kenyan users.
On February 10, a paper, which summarized the evolution of payments in Kenya and globally, was released and it talked about the new digital payment methods like e-money, stablecoins, cryptocurrency and CBDCs.
With the world’s acceptance of digital payments, cryptocurrencies, and stablecoins, central banks across the world have also been steering towards the motion which is adopting CBDCs.
Source: The African Exponent
