Uganda launches CBDC pilot as Kenya’s crypto bill passes final hurdle

Uganda’s CBDC, a digitized version of the Ugandan shilling, has been deployed on a permissioned blockchain and backed by Ugandan treasury bonds.

Uganda has launched a central bank digital currency (CBDC) pilot as part of a broader tokenization effort across the African nation, while its neighbor Kenya is on the verge of enacting a crypto regulation bill. 

Blockchain financial infrastructure company the Global Settlement Network (GSN) has partnered with Ugandan developer Diacente Group in an initiative to tokenize $5.5 billion of real-world assets, which also includes a CBDC pilot, the companies announced on Wednesday. 

It comes as Kenya’s virtual asset service providers (VASP) bill passed through the country’s parliament on Tuesday and now awaits President William Ruto’s signature to become law. 

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