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Kenya’s central bank exploring CBDCs due to ‘mushrooming’ of private cryptos

According to cointelegraph.com on October 26, 2020, Kenya’s central bank exploring CBDCs due to ‘mushrooming’ of private cryptos.

The Central Bank of Kenya (CBK), has started discussions with international central banks to examine the possibility of entering the central bank digital currency space.

Patrick Njoroge, CBK governor, told the reporters that 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.

The CBK governor singled out money laundering and the financing of illicit activities as a central concern for the institution. And From his perspective, the central bank needs to keep a keen eye on the “niche” that private sector cryptocurrencies are vying for. It seems that digital currency in explicit competition with decentralized coins.

In Sept.2020, Stephany Zoo of Kenya told cointelegraph that while there’s a risk of heavy-handed intervention stifling intervention, better integration with traditional financial infrastructure could equally be a boost for the crypto space.

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