The Central Bank of Kenya declared its intention to introduce a national digital currency (CBDC) in October 2020.
The head of the bank, Patrick Njoroge, has stated that discussions have already begun with other central banks that are also in the process of developing digital tokens.
The creation and regulation of the CBDC will draw on the experiences of other countries.
Additionally, the government of Kenya, in collaboration with experts, is exploring ways to legalize transactions with virtual currencies.
Recently, the Kenya Blockchain Association has announced plans to develop a regulatory framework for the crypto market.
The organization aims to create legislation that takes into account the interests of both the government and crypto companies.
Alan Akakai, a spokesperson for the association, has stated that they are willing to work with authorities to effectively regulate this area. The association has been approached by parliament for cooperation in developing the legislation.