Kenyan and Nigerian central bankers have said central bank digital currencies (CBDCs) could solve the risks cryptocurrencies have for financial stability, Reuters wrote Saturday (June 11).
This includes bringing the poor into the financial system and cutting transaction costs.
Nigeria’s eNaira digital currency, which was rolled out in October, could help out with inclusion. The report noted that the currency was met with skepticism from both crypto users and industry users. Kingsley Obiora, deputy governor of Nigeria’s central bank, didn’t disclose the amount the coin has been used.
And meanwhile, Kenya is reportedly considering its own digital currency to help bring down costs for cross-border payments and other transactions.
Reuters reported that both central banks have been critical of crypto. Obiora, for instance, said cryptocurrencies weren’t stable enough, citing the volatility as a possible factor in future use.
This comes as crypto assets have been doing well in Nigeria,...
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