Last week the Central Bank of Kenya hosted a meeting of the Sub-Saharan Africa consultative group of the Financial Stability Board (FSB). Several of the 13 central banks represented at the conference are working on or have launched central bank digital currencies (CBDC). But the topic of discussion was not domestic CBDC usage but how to leverage CBDC for cross border payments. Improving the efficiency of cross border payments is an important FSB initiative.
“The group discussed initiatives to enhance cross-border payments in the region, including potential use of central bank digital currencies for cross-border payments while noting the importance of compliance with anti-money laundering and combating the financing of terrorism (AML-CFT) standards,” said an FSB statement.
However, the meeting was not convened purely to discuss CBDC.
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