Zambia: After Zambia, Kenya Explores Possibility of a Digital Currency

Kenya’s central bank has called on the public to share their views, before May 20th, on the possibility of adopting a digital currency, just one day after it emerged that Zambia is also testing its viability too.

Nigeria became the first country in Africa to pilot its central bank digital currency (CBDC), dubbed the eNaira, in October last year while Ghana is said to be at an advanced stage of launching its e-cedi. The Bank of Zambia is also carrying out research on digital currencies. The CBDCs, unlike cryptocurrencies like Bitcoin and Ethereum, are developed by central banks and pegged on countries’ fiat currencies.