The Central Bank of Kenya has received comments to a discussion paper on the possible issuance of a digital shilling and has yet to come to a final conclusion.
In an announcement posted June 2 on Twitter, the central bank of kenya he claimed have received more than 100 comments from citizens, commercial banks, technology companies and other participants from nine countries on the issuance of a central bank digital currency (CBDC). Responses ranged from highlighting potential benefits to risks, but the central bank said it would “continue to monitor developments” and take a “measured approach” in considering assessing the deployment of a digital shilling in future.
“The implementation of a CBDC in Kenya may not be a pressing priority in the short or medium term”the central bank said. “Significantly, Kenya’s payments pain points could potentially continue to be addressed by other innovative solutions built around the existing ecosystem.”
Press Release – Issuance of Discussion Paper on Central Bank Digital Currency: Comments from the Public pic.twitter.com/dMlrUj2eD6
—Central Bank of Kenya (@CBKKenya) June 2, 2023
The statement came on the heels of a discussion paper that the Kenyan central bank published in February 2022. The bank added that it had been collaborating with other central banks on proofs of concept for CBDCs, but noted that “the appeal of CBDCs is fading” on the global stage.
Kenya, one of the largest economies in Africa in terms of gross domestic product, has significantly increased its adoption of cryptocurrencies and blockchain in recent years.. The Paxful peer-to-peer platform is widely used among cryptocurrency enthusiasts in the African nation, and there are Bitcoin mining projects that help provide power to rural communities.
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