The Central Bank of Kenya unveiled its cautious stance toward development of a central bank digital currency (CBDC), hinting the East Africa’s biggest economy wouldn’t go for the digital currency in the near term.

The central bank has no plans to abandone the idea of the CBDC, it said in a statement posted on Twitter, but it added that the recent instability in the global crypto asset market has amplified concerns and the need for a careful review of the innovation and technology risks.

A discussion paper for the CBDC elicited over 100 responses from individuals, commercial banks, payment service providers, technology providers, academia, the legal fraternity, and international development partners, according to the statement.

The responses displayed the advantages of CBDC, such as efficiency and transparency in transactions, but also highlighted risks including high implementation costs, cyber risks and financial exclusion. The bank said it will continue research work on CBDCs and plans to inform future assessments of its need in the country.

“Against this backdrop, implementation of a CDBC in Kenya may not be a compelling priority in the short to medium term,” the statement said. “Kenya’s pain points in payments could potentially continued to be addressed by other innovative solutions around the existing ecosystem.”

Major global central banks have also deferred the decision on the adoption of CBDCs, the Central Bank of Kenya said.

-Edited by Shigeru Sato