Kenya's Central Bank Decides Against Issuing Digital Currency, Citing Global Challenges and Other Concerns

Kenya's central bank has stated that the issuance of a digital currency is not a top priority but it will continue to monitor developments in the area. The bank previously invited public views on the potential introduction of a central bank digital currency (CBDC) in February 2020, but has decided not to issue any. The bank cited challenges faced by other central banks that have rushed to issue digital currencies and the recent instability in the global crypto assets market as reasons for a careful review of innovation and technology risks. Kenya may instead rely on existing technologies, such as mobile money payments, to address any problems in payments.

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