{"id":14591,"date":"2021-11-22T14:54:08","date_gmt":"2021-11-22T14:54:08","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/kenya-central-bank-governor-on-cbdc-its-about-getting-it-right-rather-than-being-first\/"},"modified":"2021-11-22T14:54:08","modified_gmt":"2021-11-22T14:54:08","slug":"kenya-central-bank-governor-on-cbdc-its-about-getting-it-right-rather-than-being-first","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/kenya-central-bank-governor-on-cbdc-its-about-getting-it-right-rather-than-being-first\/","title":{"rendered":"Kenya Central Bank Governor on CBDC: It\u2019s About Getting It Right Rather Than Being First"},"content":{"rendered":"

The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has said his institution is currently exploring the use of central bank digital currencies (CBDC) to settle cross-border payments. Njoroge however insists the bank\u2019s priority is getting it right rather than being the first. <\/strong><\/p>\n

CBK\u2019s Approach<\/h2>\n

According to a report<\/a> by the Kenyan Wallstreet, Njoroge \u2014 who made these remarks while attending a virtual Afro-Asia Fintech festival \u2014 argued that such a CBDC would enhance the efficiency of cross-border payments. The report nonetheless quotes Njoroge reiterating the CBK\u2019s approach which is different from that of other central banks. He said:<\/p>\n

We see the benefits would be more cross border. The issue is not to be first, the issue is to do it right.<\/p>\n

These remarks by the CBK governor come a few weeks after the Central Bank of Nigeria (CBN) became the first country in Africa to launch a CBDC. Some three weeks after launch, the CBN reported<\/a> that nearly 500,000 wallets had been downloaded and e-naira transactions worth $150,000 had been recorded.<\/p>\n<\/p>\n

Collaboration Versus Going It Alone<\/h2>\n

As Bitcoin.com News reported<\/a>, however, the e-naira continued to encounter challenges before and after launch, and this culminated with the brief removal of the wallet app on the Google Play Store. In addition, some observers in Nigeria continue to decry<\/a> the CBN\u2019s decision to extol the CBDC \u2014 which is pegged at par with the physical naira \u2014 while cracking down on cryptocurrency users.<\/p>\n

Although the Kenyan Wallstreet report does not quote Njoroge mentioning the CBN\u2019s launch of the e-naira, the same report suggested that the CBK governor favors cooperating with other central banks rather than going it alone.<\/p>\n

Do you agree with Njoroge\u2019s approach of getting it right rather than being the first? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nEmerging Markets, CBDC, central bank of Kenya, Central Bank of Nigeria, Cross Border Payment, e-naira, Patrick Njoroge<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Kenya (CBK) governor, Patrick Njoroge, has said his institution is currently exploring the use of central bank digital currencies (CBDC) to settle cross-border payments. Njoroge however insists the bank\u2019s priority is getting it right rather than being the first. CBK\u2019s Approach According to a report by the Kenyan Wallstreet, Njoroge \u2014…<\/p>\n","protected":false},"author":0,"featured_media":14592,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14591"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14591"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14592"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}