The Kenyan Senate Standing Committee on Information, Communication, and Technology is throwing its hat into the cryptocurrency ring.
According to TrendsKE, the committee, led by the Trans Nzoia Senator Allan Chesang, is in talks with the Central Bank of Kenya (CBK) to hash out policies related to digital currencies in Kenya.
How does the CBK feel about crypto?
Last year, the CBK governor reaffirmed the apex bank’s anti-crypto stance and issued a stern warning against its use. A month later, the bank published a discussion paper on Central Bank Digital Currency (CBDC), highlighting the opportunities and risks presented by digital currencies in Kenya and welcoming the general public to comment on it. By December, Business Daily reported that five regulators, including the Central Bank of Kenya (CBK), Capital Markets Authority (CMA), Insurance Regulatory Authority (IRA), Retirement Benefits Authority (RBA), and the Sacco Societies Regulatory Authority (Sassra), have recommended the formation of a committee to formulate the regulations for digital assets and businesses in the sector.
Fast forward to now, the Kenyan Senate, led by Chesang, wants to keep the CBDC and cryptocurrency conversation going with the CBK.
Several African countries have announced preparation to create CBDCs; Nigeria has launched its own—e-naira; South Africa has recognised it as a legal financial asset; and the Central African Republic has made it a legal tender.
Will the CBK take a leap of faith and embrace both the CBDC and crypto wave?
