Central Bank of Kenya will start exploring the possibilities of state-owned cryptocurrencies

Central Bank of Kenya (CBK) intends to join other central banks to jointly study the potential of state digital currencies and their practical application.

Manager of Kenya Bank Patrick Nyorog (Patrick Hidege) reported, that is already negotiating About this initiative with various international banks. Considering, that many of them not only actively conduct studies of state cryptocurrencies, but also start testing, The Kenyan regulator does not intend to "stay overboard."

The head of the Central Bank Kenya added, that the department will carefully monitor the achievements of other banks in this niche. Niorog believes, that when creating digital currencies, central banks should eliminate all related risks, related to money laundering and financing illegal activities. However, Niorog doubts, that due to the introduction of state stablecoins, the company will completely refuse cash.

Besides, Digital currencies of the Central Bank have strong competitors - decentralized cryptocurrencies. CBK manager skeptically spoke about Bitcoin, calling it a tool for speculation. Niorog said, that despite the impressive technology, on the basis of which bitcoin functions, This cryptocurrency cannot be used to solve social problems.

Nonetheless, According to the analytical company Chainalysis, Residents of Africa are increasingly paying for goods with cryptocurrencies, to avoid high commissions and instability of national currencies. Kenya is among leaders in the number of cryptocurrency transactions on the continent.

Recently it became known, that the People's Bank of China (NSC) preparing for testing a hardware wallet for a digital yuan, And last week the Central Bank of the Bahamas is already launched by Sand Dollar, Bahamic dollar.