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August 6, 2026
2h ago

Experts Warn New CBK Rules Could Weaken Shilling, Raise Transaction Costs

Experts Warn New CBK Rules Could Weaken Shilling, Raise Transaction Costs

The experts have warned that the new rules granting the use of U.S. backed coin could also gradually reduce demand for local currencies and weaken some CBK control powers...

✨ Key Highlights

New cryptocurrency regulations by the Central Bank of Kenya (CBK) are facing expert criticism, with concerns raised that they could negatively impact the Kenyan Shilling and increase transaction costs.

  • The regulations, operationalizing the Virtual Asset Service Providers (VASP) Regulations, 2026, bring virtual asset firms under CBK supervision.
  • Experts warn that overly strict restrictions on dollar-backed stablecoins could fragment the digital payments market and raise international transaction costs.
  • Pankaj Bengani, a stablecoin expert, cautioned against disrupting the existing ecosystem that provides stablecoins with their value through network effects and international adoption.

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