CBK survey participants talked about interest in cryptocurrencies and stablecoins as tools to increase the speed of cross -border payments, reduce costs and expand access to financial services for people not covered by the banking system.
The SVK study states that legislative initiatives aimed at stimulating demand, increasing transparency and the fight against illegal activity strengthen the trust of bankers in digital assets.
The National Assembly of Kenya approved the bill on reducing the tax on the sale of digital assets from 3% to 1.5%. The Kenyan Directorate for Capital Markets (CMA) approved a new regulation on virtual assets providers, which obliges all the cryptocurrencies operating in the country, to receive licenses and open local offices.
The authors of the CBK study reported that, according to their forecasts, the prospects for high rates of crypto industry development in Kenya look promising. Now, the SVK reported, about 8% of the Kenyans are already using cryptocurrencies. The Central Bank believes that the fast launch of the Kenya Digital Exchange (KDX) trading blockchain platform will contribute to the development of the market and will trade tokenized assets of the real sector of the economy, including shares, bonds and goods, such as gold or oil.
Earlier, the high court of Kenya ruled that the World of World, previously known as Worldcoin, is obliged to delete the biometric data of local users, including images of persons and scans of the retina.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
