Kenya Central Bank Governor on CBDC: It’s About Getting It Right Rather Than Being First

Kenya Central Bank Governor on CBDC: It"s About Getting It Right Rather Than Being First

The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has said his institution is currently exploring the use of central bank digital currencies (CBDC) to settle cross-border payments. Njoroge however insists the bank’s priority is getting it right rather than being the first. CBK’s Approach

According to a report by the Kenyan Wallstreet, Njoroge — who made these remarks while attending a virtual Afro-Asia Fintech festival — argued that such a CBDC would enhance the efficiency of cross-border payments. The report nonetheless quotes Njoroge reiterating the CBK’s approach which is different from that of other central banks. He said: We see the benefits would be more cross border. The issue is not to be first, the issue is to do it right.

These remarks by the CBK governor come a few weeks after the Central Bank of Nigeria (CBN) became the first country in Africa to launch a CBDC. Some three weeks after launch, the CBN reported that nearly 500,000 wallets had been downloaded and e-naira transactions worth $150,000 had been recorded.

Collaboration Versus Going It Alone

As Bitcoin.com News reported, however, the e-naira continued to encounter challenges before and after launch, and this culminated with the brief removal of the wallet app on the Google Play Store. In addition, some observers in Nigeria continue to decry the CBN’s decision to extol the CBDC — which is pegged at par with the physical naira — while cracking down on cryptocurrency users.

Although the Kenyan Wallstreet report does not quote Njoroge mentioning the CBN’s launch of the e-naira, the same report suggested that the CBK governor favors cooperating with other central banks rather than going it alone. Tags in this story CBDC, central bank of Kenya, Central Bank of Nigeria, Cross Border Payment, e-naira, Patrick Njoroge

Do you agree with Njoroge’s approach of getting it right rather than being the first? Tell us what you think in the comments section below. Cameroon to Hold Workshop Examining Challenges and Risks of Using Cryptocurrencies EMERGING MARKETS | Nov 15, 2021 Zanzibar Government Keen to Get Stakeholders" View on Cryptocurrencies EMERGING MARKETS | Nov 15, 2021

Image Credits: Shutterstock, Pixabay, Wiki Commons, Mary MM Previous articleAnomus Private Round Closes With Uber-Subscribed Sales Next articleCrypto Economy Hovers Below $3T: Analyst Says First Bear Marker ‘Would Be a Capitalization Drop Under $2.38T’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDCG Mining Subsidiary Foundry Launches Range of Services for 20 Crypto Staking Networks

Foundry, the Digital Currency Group (DCG) subsidiary and cryptocurrency mining and consulting firm from Rochester, New York announced the launch of a new platform on Wednesday called Foundry Staking. The company says the product currently supports 20 blockchain networks and ... read more.Bitcoin’s Hashrate Soars 42% Higher Over the Last 3 Months Following Crypto Asset’s 36% Price Increase Finiko Fugitives Suspected of Moving 750 BTC From Crypto Pyramid’s Wallet SEC Rejects Vaneck Bitcoin Spot Market ETF Over Price Manipulation Concerns Indonesia"s Islamic Authority Declares Cryptocurrency Haram, Forbidden for Muslims