• About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud
Tuesday, April 13, 2021
  • Login
  • Register
No Result
View All Result
NEWSLETTER
Kenyan Wallstreet
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Banking
    • Aviation
    • Energy
    • Manufacturing
    • Markets
    • Personal Finance
    • Technology
    • Startups
  • Podcast
  • Videos
  • Events
  • Blockchain & Digital Currencies
  • Calendar
No Result
View All Result
Kenyan Wallstreet
No Result
View All Result

CBK Holds Discussions on Digital Currencies

Jackson OkothbyJackson Okoth
October 23, 2020
in Banking, Kenyan News
Reading Time: 2min read
CBK Holds Discussions on Digital Currencies

The Central Bank of Kenya (CBK) has entered into discussions with other global Central Banks on the possibilities of entering the digital currency space.

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records.

“We are already having discussions with other global players, in various ways, around the introduction of Central Bank Digital Currencies. 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,” said Central Bank of Kenya Governor Dr Patrick Njoroge.

ADVERTISEMENT

He made these remarks in an online interview with the US media, on the sidelines of Georgetown’s DC Fintech week.

He said while Kenya has various transaction channels, CBK is keenly watching the niche that cryptocurrencies are trying to play in.

“The space for cryptocurrencies needs to be well mapped out so as to address such concerns as money laundering and financing of illicit activities,” said Dr Njoroge.

He said the bitcoin technology is exciting and that these are tools that are in search of a problem to solve, adding that bitcoin is more of an investment and a tool used for speculative purposes.

“While cryptocurrencies have a place, its space has to be clearly defined so as to address several concerns that Central Banks, including ability of the coins to support illicit transactions,” said Dr Njoroge.

He said principles around Central Bank Digital Currencies are already being worked out, including looking at the potentials and how the coins can be made available to the public.

Dr Njoroge said that while cryptocurrencies appear to be out to kill cash, the fact is that cash will still be around for a long time.

“The trend is towards a less cash economy and not a cashless economy,” said Dr Njoroge.

ALSO READ: CBK Dampens Crypto Excitement in Kenya with Yet another Warning against Digital Currencies



Hisa App
Previous Post

WhatsApp to Offer in-app Payments & Shopping Experience

Next Post

Adan Mohamed Joins HFC Board

Related Posts

Family Bank Group Net Earnings up 22.4% to KSh 1.2 Billion

Family Bank to Disburse KSh 500 Million to Agri-businesses

April 12, 2021
BAT profit drops to KSh3.9 billion

BAT Kenya Shareholders to approve KSh 4.5 Billion Dividend Payout

April 12, 2021

Kenya’s Forex Reserves Climb to Highest Level Since February

April 12, 2021

NSE Weekly Turnover Declines 35.3% to KSh 2.06 Billion

April 12, 2021

Sameer Africa’s Profit Climbs to KSh43 Million after KSh1.1 Billion Loss in 2019

April 12, 2021

Kenya’s Flower Exports Recover to 97% – CBK

April 12, 2021

Tea Auction Records a Stagnation in Prices

April 12, 2021

Mombasa Port Cargo Traffic up 10.7% to 9.54 Million Tonnes

April 10, 2021
Load More
Next Post
HF Group Cuts Losses to KSh 633,000

Adan Mohamed Joins HFC Board

Follow Us

  • 7.2k Fans
  • 114.9k Followers
  • 453 Followers

WhatsApp

Subscribe

Telegram  

Subscribe

Podcasts

Upcoming Events

Apr
14
Wed
all-day The Co-operative Bank of Kenya L...
The Co-operative Bank of Kenya L...
Apr 14 all-day
Dividend of KES 1.00
Apr
15
Thu
all-day I&M Holdings Plc Book closure
I&M Holdings Plc Book closure
Apr 15 all-day
 
Apr
16
Fri
all-day B.A.T Kenya Plc Books Closure
B.A.T Kenya Plc Books Closure
Apr 16 all-day
 
Apr
20
Tue
all-day NCBA Group Plc Books Closure
NCBA Group Plc Books Closure
Apr 20 all-day
 
Apr
22
Thu
all-day KenGen Co. Plc Books Closure
KenGen Co. Plc Books Closure
Apr 22 all-day
 
Apr
26
Mon
all-day KCB Group PLC Books Closure
KCB Group PLC Books Closure
Apr 26 all-day
 
View Calendar
Add
  • Add to Timely Calendar
  • Add to Google
  • Add to Outlook
  • Add to Apple Calendar
  • Add to other calendar
  • Export to XML

Featured

Angaza Awards Top 10

Introducing The Top 10 Women Shaping the Region’s Banking and Finance Sector

April 6, 2021
Dan Aceda On Spotify

Spotify and The Business of Music in Kenya

March 16, 2021
Gamestop

Can the Gamestop Situation Happen in Kenya?

February 21, 2021
Hisa App

Announcing Hisa App Public Beta Launch

February 20, 2021
Absa Kenya CEO Jeremy Awori

Absa Marks One Year Since Transition, Commits KSh1.6 Billion into Digital Products

February 11, 2021

About Us

We are a leading integrated digital content platform providing in-depth business and financial news across Sub-Saharan Africa & the globe. Kenyanwallstreet.com is a property of Hisa Technologies Ltd, a financial media & software company.

Contact Us

Kenyan Wall Street
Email: [email protected]
Website: www.kenyanwallstreet.com

Disclaimer

The information contained in this website is for general information purposes only.
Read more..

  • About Hisa Technologies
  • Advertise
  • Careers
  • Contact Us
  • Estate Cloud

Copyright 2021. Hisa Technologies. All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • Kenyan News
    • African News
    • Global News
  • Business
    • Agriculture
    • Aviation
    • Banking
    • Energy
    • Global Markets
    • Healthcare
    • Infrastructure
    • Insurance
    • Investment
    • Manufacturing
    • Markets
    • Public Policy
    • Real Estate
    • Startups
    • Technology
  • Podcast
  • Videos
  • Events

Copyright 2021. Hisa Technologies. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?