Kenya appears to be warming up to the idea of digital currencies, with the Central Bank of Kenya (CBK) in discussions with other central banks to introduce a central bank digital currency (CBDC) and digital currency regulations. The change in attitude from the East African nation, driven by user demand, could be a positive sign for gambling companies.
CBK governor Dr. Patrick Njoroge revealed these intentions on the sidelines of the DC Fintech Week 2020, Njoroge struck a tone of optimism for digital currencies future with reporters.
Njoroge was also a presenter at the event, and talked about the CBK’s role in furthering CBDC initiatives. “We are already having discussions with other global players, in various ways, around the introduction of Central Bank Digital Currencies,” he said. “The push comes as a result of mushrooming of private cryptocurrencies and we [central bankers] are already feeling left out and need to create our own space.”
The reason for considering digital currencies starts first and foremost with stabilizing Kenya’s economy. “We will look at it [a CBDC] and see whether there is potential for enabling us to do our work better,” he stated.