Kenyan Senate In Talks With CBK To Legalize Crypto
The Kenyan Senate has taken the proactive step of engaging the Central Bank of Kenya in talks that could result in the country legalizing the use of cryptocurrency as legal tender. The discussions are spearheaded by Senate Standing Committee on Information, Communication, and Technology led by Trans Nzoia Senator Allan Chesang.
The regulatory framework is expected to explore a large pool of digital payments such as electronic money (e-money), cryptocurrency, stable coin, and Central Bank Digital Currency (CBDC). CBDC is defined as a central bank-issued digital currency that is intended to function as legal tender. It is the same as fiat money and can be exchanged one for one with fiat currency, except that it is in electronic form. Through the Discussion Paper, the Central Bank further invited members of the public, industry and stakeholders to review the various observations therein and give appropriate feedback. The Senate committee is now looking to push these deliberations further.
