Kenya Needs to Grasp the Cryptocurrency Nettle: How a Digital Currency could Help

Abstract

Kenya’s central bank has been mulling the official use of a digital currency. More than 60 central banks have already entered the digital currency race since 2014.No details have been released in Kenya, but the central bank governor, Patrick Njoroge, commented that the bank was working with other global regulators and financial institutions to explore the use of digital currencies.The shift towards digital currencies has been used by some central banks to formulate and implement regulations to manage the use of cryptocurrencies. For example, Nigeria has launched its official digital currency, the eNaira.The World Economic Forum estimates that a third of Nigerians use or own cryptocurrencies. Kenya is one of the top three markets for Bitcoin, one of the more popular cryptocurrencies