Kenya's central bank highlighted CBDC's merits and asked the broad public to express their viewpoint on the financial product.
it will complete its CBDC research by the end of 2021. This seems like a natural move since the local authorities criticized private cryptocurrencies previously.A few days ago, the Managing Director of the International Monetary Fund – Kristalina Georgieva –that a “prudently” designed CBDC could be a “safer” monetary product than cryptocurrencies.
Therefore, Central Bank Governor Patrick Njoroge opined that adopting the primary cryptocurrency could shield Kenya from Forex exchange losses and could fix some of the local financial turmoil: “Our decision to shift to Bitcoin is both tactical and logical. Our currency has always been the punching bag for the IMF, which always claims that the Kenya Shilling is overvalued.
This has led to too much pressure on the Kenyan Shilling, and this has a negative effect on the economy. We are losing too much simply because someone at the IMF woke up on the wrong side of the bed. Bitcoin will put an end to this.”
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