Kenya Economic Affairs Institute (IEA) will hold a public forum on Thursday (September 6) to discuss the cryptocurrency regulatory framework for reviewing the country’s current operations. At present, despite the large regional interests, the Central Bank of Kenya still does not recognize digital currency.
The application of cryptocurrency in the public and private sectors
The Kenya Economic Affairs Institute is a national think tank that can influence the country’s public policies. They hope to guide the government to establish a legislative framework to encourage the development of the cryptocurrency ecosystem and bring more economic benefits and wealth to Kenya. At the same time, the Kenyan Institute of Economic Affairs also hopes to ensure that the country’s existing economy will not be affected by the digital currency. On the other hand, the Central Bank of Kenya is also trying to use digital currency to hedge current fiscal policy risks, but their actions seem to be slow.
At this stage, cryptocurrency has been widely used in the public and private sectors of Kenya, but Kenya has not created an environment suitable for the benign development of the encryption ecosystem. Public trust is a key factor in the introduction of digital currency into economic development. However, due to the volatility of prices and the emergence of a large number of fraudulent activities, the trust of cryptocurrencies in the public mind has been undermined.
On the other hand, as the basis of cryptocurrency, Kenya’s attitude towards blockchain technology has always been relatively friendly. In particular, recently, with the tension in the African region, the opaque elections and the continued decline in bank interest rates, Kenya’s national financial environment is deteriorating – and this creates a good opportunity for new technology applications.
East African countries are increasingly interested in blockchain technology
Many African national banks are looking for blockchain technology solutions to improve business operations efficiency and reduce costs. However, the Central Bank of Kenya has not yet approved the application of digital currency and blockchain technology.
However, in the East African market, cryptocurrency and blockchain technology have attracted interest in many countries, but the main problem now is that the government is slow to deploy emerging technologies. Therefore, the role of “public and private sector intermediaries” played by organizations such as the Kenya Economic Affairs Institute is particularly important.
Moreover, there are still many misunderstandings about what East African countries can and cannot do with blockchains and digital currencies. Therefore, the Kenya Economic Affairs Institute is now holding a public forum on cryptocurrency regulation. It is very timely, and all parties concerned can discuss specific matters at the meeting, and then make more informed decisions to ensure that the citizens and businesses of all countries will not face unnecessary risks of.
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