Business Daily | by Rufas Kamau
Early this month, the Central Bank of Kenya (CBK) issued a discussion paper on the potential for implementing a Central Bank Digital Currency (CBDC) in the country and invited the public to comment on it.
To begin with, Kenyans need to understand that digital currencies are not new in our economy, and we have been using them for over a decade. A digital currency is any money transacted and stored electronically such as an M-Pesa wallet or the bank balance that one transacts using a credit card.
What distinguishes CBDCs from other digital currencies is that they are issued exclusively by a central bank and that they give direct control of the currency to a government…
