The Central Bank of Kenya (CBK) has reportedly begun collaborating with global central banks to deep-dive into the initiative to set foot in the central bank digital currency (CBDC) sector. 

Specifically, CBK governor Dr. Patrick Njoroge reportedly disclosed at Georgetown’s DC Fintech week, that the entity is in talks with numerous names internationally, in different ways, regarding the roll-out of Central Bank Digital Currencies. 

The reason fueled the initiative is reportedly the rapid boom of private cryptocurrencies, led to the CBK feeling “left out” and thinking setting up its own space is appropriate. 

Per Dr. Njoroge’ stance, it is compulsory that the central bank placed a supervising scope on the “niche” that private sector cryptocurrencies are competing eagerly for. 

The CBK governor particularly mentioned money laundering and the financing of illicit activities, to be main issues the institution is looking to tackle. Nonetheless, he seemed not persuaded enough to think the international trend will be driving towards a genuinely cashless society, as he believed the developments will only aim for a “less-cash” society. 

With crypto experiencing a significant growth throughout the African continent, industry entrepreneurs of the area are reportedly preparing themselves for the release of more robust regulatory updates.