The Central Bank of Kenya (CBK) said a potential CBDC could positively impact the local financial system. Nonetheless, the institution introduced a discussion paper to find out what the general public thinks on the matter.
Seeking Society’s Opinion
According to the CBK, launching a central bank digital currency could flatten the multi-layered correspondent banking structure and enhance cross-border payments. The latter will become more efficient and less costly, the organization added.
Despite its favorable stance on such a monetary product, the central bank released a discussion paper to examine if locals are supportive. They will be able to analyze both threats and opportunities, which a CBDC might bring forth. Those willing to participate have until May 20, 2022, to submit their comments.
Press release: Issuance of Discussion Paper on Central Bank Digital Currency (CBDC) for Public Comments. The Discussion Paper examines the applicability of a potential Central Bank Digital Curr
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