NAIROBI (Reuters – Kenya’s central banking has asked the public to provide their views about the possible introduction of a cryptocurrency. This is a change from the original opposition that was against crypto assets.

This East African nation pioneered mobile payments through Safaricom’s M–Pesa system in 2007. However, the central bank of that country hasn’t issued a digital money due to fears about these risks.

According to the bank, these risks include the movement of digital currencies into commercial banks and the financial exclusion for those who lack the necessary technological infrastructure.

According to the bank, a digital currency can reduce the effectiveness of monetary policies and raise the risk of money laundering.

However, the bank stated that digital currencies could have some advantages in order to reduce cross-border payments costs.

According to the bank, “The benefits and risks of digital currency central banks will vary depending on which economy they are in,” it said.

According to the bank, for the digital currency system to work, it must be accepted by all member countries. It will help to eliminate “the multilayered correspondent banking structure” as well as shorten the payment chain.

Tanzanian government officials said last year https://www.reuters.com/technology/tanzania-cbank-says-it-is-working-presidents-cryptocurrency-push-2021-06-25 they were working on a directive from the president to prepare for the introduction of digital currencies.

Kenya’s central bank, along with other public institutions in Kenya, are required to get public opinion before making any major decisions.