Another African country is interested in the CBDC project

In Africa, a growing number of countries are considering launching their token (CBDC).

Last summer, the Central Bank of Ghana began to analyze the consequences of the introduction of a regulated digital currency. Kenya has now become aware of similar plans.

The Central Bank of this African state has published a discussion paper designed to collect expert opinions on CBDC.

The regulator considers the token as an excellent tool for international transactions. With its help, the authorities will be able to reduce transaction costs, as the number of transactions made through the banking sector will decrease.

However, there are risks, stressed the press service of the Bank of Kenya. At this stage, it is difficult to assess the consequences of introducing a token.

Particular attention should be paid to cyber threats. CBDC can be subject to hacker attacks, so before creating a digital currency, it is necessary to develop mechanisms to protect the banking infrastructure.