Read on Twitter
The Central Bank of Kenya 🇰🇪 @CBKKenya says
"Implementation of a Central Bank Digital Currency (CBDC) may not be a compelling priority in the short to medium term" /1
"Implementation of a Central Bank Digital Currency (CBDC) may not be a compelling priority in the short to medium term" /1
https://twitter.com/CBKKenya/status/1664579975255654402
In addition
"Kenya's pain points in payments could potentially continue to be addressed by other innovative solutions around the existing ecosystem" /2
"Kenya's pain points in payments could potentially continue to be addressed by other innovative solutions around the existing ecosystem" /2
This was obvious from the beginning. Kenya 🇰🇪 has sufficient payment systems, available on cards and mobile phones both feature and smartphones. All regulated by the central bank.
No need for a *retail* CBDC here. I am glad this issue has been laid to rest. /3
No need for a *retail* CBDC here. I am glad this issue has been laid to rest. /3
It is also foolish for anyone to propose a CBDC by the Kenyan government (via the central bank) in a country where the people continue to lose TRUST in the government and its ability to manage funds such as the National treasury. /4
What she said
"Distrust in government may drive opposition to a CBDC." /5
"Distrust in government may drive opposition to a CBDC." /5
https://twitter.com/emilyekins/status/1663954785626619934?s=20
My position is CBDC makes sense in African countries
1) w/ low mobile payments / digital payments penetration
2) w/ authoritarian regimes where the government can force it on people
/6
1) w/ low mobile payments / digital payments penetration
2) w/ authoritarian regimes where the government can force it on people
/6
3) for specific use cases where government can force it on people such as paying of taxes, social welfare payments distribution, tax refunds and similar
4) regional settlements schemes btwn central banks IE wholesale CBDC for cross border bulk settlement
/7
4) regional settlements schemes btwn central banks IE wholesale CBDC for cross border bulk settlement
/7
5) Countries or region with broken monetary systems like West African states
See recent example by EMTECH
/8
See recent example by EMTECH
/8
https://twitter.com/HearstLevelUp/status/1662186962248187917?s=20
If you would like to convince rational democratic people's to adopt a CBDC, it is imperative that such a CBDC radically improves upon the GOVERNANCE of the monetary affairs of the state such as adding more TRANSPARENCY and participatory governance by the people /9
That OR
Contrive a deadly virus such as Corona that immediately forces everyone to adopt a central bank digital currency such as CBDC ... Also by force /10
Contrive a deadly virus such as Corona that immediately forces everyone to adopt a central bank digital currency such as CBDC ... Also by force /10
People in relatively democratic African states such as Kenya 🇰🇪 have lost TRUST in government and their immediate response to a government issued digital currency such as CBDC would be suspicion /11
This is why I believe we have moved into the era of
Privately issued digital currencies like Bitcoin, cryptocurrencies, community currencies, electronic money such as Mpesa et al /end
Privately issued digital currencies like Bitcoin, cryptocurrencies, community currencies, electronic money such as Mpesa et al /end
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