Central Bank Digital Currency has become a fast-adopted phenomenon across countries all over the world, with increasing plans of development. Even countries seemingly opposed to crypto are taking the initiative and making huge strides regarding the development of their own central bank-backed digital currency. This is because most countries believe that it would serve the population better in terms of faster service compared to the traditional payment methods. In this regard, Patrick Njoroge, the Governor of Kenya’s central bank, has said that the country is looking into developing its CBDC. With this, their focus is to develop it right instead of being the first to debut it.
CBK Governor not focused on being the first
In the Kenyan Wallstreet report, the CBK Governor says he would prefer that the CBDC focus on the facilitation of payments across the border. He gave his opinion about the digital currency at the Afro-Asia Fintech Festival that was held virtually. However, the report states that the CBK Governor has set sights on making the country’s CBDC completely different from that developed in other countries.
These statements came after Nigeria announced the launch of its CBDC, the eNaira. With the launch, Nigeria became the first country in the continent to debut a Central bank-backed digital currency. To add to its successful launch, the country’s central bank claimed that more than 500,000 individuals have signed up for a wallet with about $150,000 worth of transactions facilitated using the digital currency.