Key Takeaways
- On behalf of the Central Bank of Kenya, President Kenyatta said that the CBK is looking into cross-border payment settlement using central bank digital currency (CBDC).
- The Peruvian Central Reserve Bank, like other central banks across the globe, aims to develop a digital currency for the Peruvian economy (CBDC).
- In response to Hillary Clinton's warnings about cryptocurrencies, a Bitcoin-loving senator has urged her to embrace them as a macroeconomic strategy.
Central bank digital currencies (CBDCs) may be used to settle cross-border payments by the Central Bank of Kenya (CBK), its governor Patrick Njoroge has suggested. On the other hand, Njoroge argues that the bank's objective is to do it right rather than to be the first.
He said this while visiting a virtual Afro-Asia Fintech event in Kenya, according to a report by the Kenyan Wallstreet, and Njoroge suggested that this CBDC will improve cross-border payment efficiency.
Reports mention Njoroge emphasizing the CBK's strategy that is distinct from other central banks, which is quoted in the story. He retorted, saying:
"There would be a greater cross-border gain, as we can see. The issue is not to be first, but to do it well."
In the last few weeks, the Central Bank of Nigeria (CBN) became the first African government to create a CBDC, and the CBK governor made these statements. According to the CBN, nearly 500,000 wallets had been downloaded, and $150,000 in e-naira transactions had been made in the first three weeks of the service's introduction.
Peru's Central Bank will develop ## Digital currency
As several countries across the globe have done, the Peruvian central bank, the Central Reserve Bank of Peru, intends to create a central bank digital currency (CBDC).
By Julio Velarde, the company's president, he announced the currency's primary purpose: payment. Despite this, Velarde recognized that now was not the greatest moment to launch the currency because of the current market instability.
An announcement by Reserve Bank of Peru President Julio Velarde reveals that a national central bank digital currency is already being developed (CBDC).
It was announced during the 59th annual executive conference, which took place last week. There must be digital money created in the future, he said. As Velarde emphasized,
Working on developing digital money. We are working with several central banks, including India, Singapore, Hong Kong, and some others, to develop a digital currency that will dominate in the future.
If you compare this cryptocurrency to others being produced by economies of the same size, Velarde says this one is in the same league. In terms of CBDC developments, Mexico and Brazil are often cited.
Legislator Lummis Slams Hillary Clinton, Suggests Using Bitcoin to Stabilize the US Dollar
Hillary Clinton's recent criticism on cryptocurrency, Republican Senator for Wyoming Cynthia Lummis, issued a statement. She said that Bitcoin might be a hard currency answer to the US dollar's inflationary woes.
Earlier this week, former Secretary of State Hillary Clinton issued a warning about the dangers of relying on social media. According to him, cryptocurrency might "destabilize governments" at Singapore's Bloomberg New Economy Forum.
This morning, Lummis reacted in the other direction to Clinton. Bitcoin might help "stabilize" the US currency, she stated in a tweet.
When it comes to great leaders, they don't dread the future. Embracing Bitcoin as a kind of hard currency might help the United States win the future by stabilizing the USD and reversing the downward spiral that began in 1971."
Gold had been eliminated in 1971 by President Nixon's decision to abolish it. It's been a long time since inflation has been a major issue, and savings rates throughout the Western world have dropped significantly since then. For this reason, Bitcoin is often touted as a solution because of its immutable monetary policy.
Clinton's reputation as a politician has been taken to heart by Sen. Chuck Schumer's call for progress. In the 2016 US presidential election, Hillary Clinton became a symbol of "establishment" politics, which Bitcoiners abhor. On the other hand, Trump has shown himself to be equally apprehensive of crypto.
Do you believe Kenya and Peru's CBDC is a good idea?
