Uganda has launched a central bank digital currency (CBDC) pilot as part of the broader tokenization efforts in this African country, while its neighbor Kenya is set to enact a cryptocurrency regulatory bill.
The global settlement network (GSN), a blockchain financial infrastructure company, has partnered with Ugandan developer Diacente Group to initiate a $5.5 billion real-world asset tokenization initiative, which also includes the CBDC pilot, the two companies announced on Wednesday.
Meanwhile, Kenya's virtual asset service provider (VASP) bill was passed by the country's parliament on Tuesday and is now awaiting President William Ruto's signature to become law.
According to a report by blockchain data platform Chainalysis in September, the Sub-Saharan Africa region (including Uganda and Kenya) has been marked as the third fastest-growing region for cryptocurrency adoption, receiving $205 billion in on-chain value between July 2024 and June 2025.
According to GSN and Diacente Group, Uganda's CBDC is a digital version of the Ugandan shilling, deployed on GSN's permissioned blockchain, backed by Ugandan government bonds, and accessible via smartphones.
The pilot also complies with local and international compliance standards, including Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.
At the same time, the tokenization efforts will focus on digitizing key processes in major industries, including physical infrastructure such as agricultural processing centers, mining operations, and solar power plants.
Edgar Agaba, chairman of Diacente Group, stated that the initiative aims to "unlock long-term value for our people and the region."
According to data from the Overseas Development Institute, Nigeria was the first African country to launch a CBDC in 2021. Several other countries, such as Ghana and South Africa, have also piloted CBDCs. Egypt's launch date is set for 2030, while Rwanda and Kenya are still in the research and public consultation stages.
Kenya's VASP bill was initially proposed in January, establishing a framework for licensing exchanges, brokers, wallet operators, and token issuers, along with consumer protection. The bill was passed by the country's parliament on Tuesday after its third reading and is now awaiting presidential approval to become law.
Under the legislation, the Central Bank of Kenya will oversee payment and custody functions, while the Capital Markets Authority will regulate investment and trading activities.
There are also KYC and AML provisions that comply with the standards of the Financial Action Task Force, as well as rules prohibiting misleading advertising, along with penalties and other punitive measures.
According to estimates from online data platform Statista, there will be over 75 million users in Africa's cryptocurrency sector by 2026, with a user rate of 5.90%. The total revenue for the continent is expected to reach $5.1 billion by 2026.
Chainalysis reported on October 2 that stablecoins account for approximately 43% of the total trading volume in the Sub-Saharan Africa region, with Nigeria, South Africa, Ghana, Kenya, and Zambia ranking as the top five. Uganda ranks seventh.
Related: The UK lifts the ban on cryptocurrency ETNs, stating that "the market has changed."
Original article: “Uganda Launches CBDC Pilot, Kenya's Cryptocurrency Bill Passes Final Hurdle”
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