The lack of change from service providers and poor services for individuals who rely on their systems has driven many to transition to financial technology to save time and money.

The introduction of CBDCs would have far-reaching consequences for decades for households, businesses, and the monetary system. If successful, CBDCs will usher in a new era of money. Nonetheless, it is still early days. It is still hard to tell. No generally applicable best practices or standards will ensure CBDC issuance’s eventual success. On the other hand, a maturity evaluation might help the CBK make decisions on CBDCs. This position informed the CBK’s decision to seek feedback from the public on the applicability of a CBDC in February 2022.

Cryptocurrency is slowly but surely changing the way Africans conduct their financial life. Even if the value of cryptocurrency fluctuates, many Africans see it as more trustworthy than their volatile native currency. Only time will tell how much cryptocurrency will influence Africans’ spending and living. With all this knowledge, it is reasonable to expect crypto to continue its spectacular growth in Africa and other parts of the globe. The simplicity of peer-to-peer currency transactions between people from different monetary regimes and more nations beginning to recognize crypto as the wave of the future can only imply that cryptocurrencies will be a significant part of African society for years to come.

The new administration under Kenya’s fifth president, William Samoei Ruto, has taken over in the midst of a global digital revolution. Globally, technologies such as the metaverse and crypto are slowly but steadily taking root. Kenya has not been left behind in the growth and development of technology. East Africa’s most prosperous economy stands tall within the fourth industrial revolution and web3. Kenya stands tall as a global leader in P2P cryptocurrency transactions in matters of the crypto ecosystem. However, a lot needs to be done, and the new administration has enough space to execute its plan regarding advancing the Kenyan digital space and the place of blockchain, web3, and crypto.

People can already exchange crypto for fiat through trades or exchanges with other cryptocurrencies. The popularity, awareness, and acceptance of cryptocurrency and blockchain continue to grow. The more the understanding and usage of crypto, the greater its relevance as a medium of exchange.

Kenya (Kenrail Towers), Uganda (Uganda Post Office), and Djibouti are all in East Africa (Djibouti one and strong) are at the forefront, each with one Bitcoin ATM station

The historic AfCFTA agreement has created the world's largest free trade zone by the number of nations that have signed on. Across 55 nations, it links 1.3 billion people and generates US $3.4 trillion in the total gross domestic product (GDP).

According to James Mwangi, the chief executive of Equity Group Holdings Plc, Cryptos could potentially complement mobile money in Africa GSMA estimates that...