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Kenya’s Central Bank Parks Digital Currency Talk  

But it will continue monitoring developments in the area to help future decisions on issuance. The bank invited views from the public on the potential introduction of a central bank digital currency (CBDC) in February last year, in a shift from its original opposition to crypto assets, but it has decided not to issue any. Central banks that had rushed to issue the currencies were now facing challenges that are hampering implementation, it said, adding that other problems have also arisen. “Recent instability in the global crypto assets market has amplified concerns and the need for a careful review of the innovation and technology risks,” the bank said. Kenya could lean on existing technologies to address any problems in payments, it added. The East African nation is renowned for the wide usage of mobile money payments.