The International Monetary Fund (IMF) has expressed concern that Kenyas proposed central bank digital currency (CBDC), also known as the digital shilling, might threaten banks, mobile money operators such as M-Pesa, and other digital finance providers. To prevent what could become unfair competition from the digital shilling, the IMF recommended that special safeguards must be put in place for banks and M-Pesa. With its lower transaction costs, many see the proposed Kenya CBDC as a serious competitor to mobile money operators to the point of driving firms such as M-Pesa out of business. It…
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