The Central Bank of Kenya has received over 100 comments on a discussion paper regarding the potential issuance of a central bank digital currency (CBDC), but it has not reached a definitive conclusion. The comments came from various stakeholders, including the public, commercial banks, and tech firms across nine countries. While the responses highlighted both the potential benefits and risks of a CBDC, the central bank stated that it will continue to monitor developments and take a measured approach in considering the rollout of a digital shilling in the future. The central bank also noted that other innovative solutions within the existing ecosystem could address Kenya's payment challenges, making the implementation of a CBDC less of a priority in the short to medium term. Kenya has seen significant growth in the adoption of cryptocurrencies and blockchain technology, with platforms like Paxful being widely used and Bitcoin mining projects contributing to providing power to rural communities.

Read more on CoinTelegraph