Central Bank of Kenya Looking For ‘Other Global Players’ To Explore The CBDC Space

The central bank of Kenya (CBK) is planning to explore the digital currency space. According to a report by The Kenyan Wall Street, the CBK is currently in contact with other central banks over introducing a central bank digital currency (CBDC). 

During Georgetown’s DC Fintech week, the governor of the Central bank of Kenya, Dr. Patrick Njoroge, said in an online interview:

“We 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 and we are already feeling left out and need to create our own space.”

In addition, Njoroge said that the cryptocurrency market needs to address money laundering and the financing of illicit activities in the industry. 

Globally, there is ongoing research on CBDC. The CBK governor also mentioned the ongoing research in the interview, stating that efforts are being made towards the principles of digital currencies and its availability to the public. 

Referring to the Bitcoin technology, the CBK governor acknowledged that it is a problem-solving tool. 

Although there is increasing use of digital assets in society, Njoroge believes that the use of cash will remain for a long time. However, he noted that CBDCs will help reduce the use of cash and not create a “cashless economy.”

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