Mobile-Money Pioneer Kenya Wary of Risks as It Opens Digital Currency Debate

Risks include competition with bank deposits, cybersecurity
CBDCs may help reduce costs, improve interoperability

Patrick Njoroge
Photographer: Luis Tato/Bloomberg

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By David Herbling

February 10, 2022 at 12:32 PM UTC

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Kenya’s central bank opened discussions on issuing a central bank digital currency, outlining the potential risks involved such as competition with bank deposits.