Jolt In the Financial Landscape

[kimiti]

Something happened today that will catch most people unawares, J.P. Morgan (JPM) opened a regional office in nairobi. This is in spite of Citi bank having an office in Nairobi as well. Citi Bank has in the past operated as the clearing house for SWIFT Messaging system in the country. As from Next month, the financial system is undergoing change from the current system to the new ISO 200022 system with JPM angling for a key position in it. however, JPM system is based on the Ethereum network which is still slow and costly even after the move from Proof of Work to Proof of Stake. The sad part is that the kenyan banks will still flock to JPM inspite of being alternatives to it. As usual this will go unnoticed just as the announcement of CBK inviting opinions on the adoption of Central Bank Digital Currency (CBDC)

 

[Young_Turk]

Something happened today that will catch most people unawares, J.P. Morgan (JPM) opened a regional office in nairobi. This is in spite of Citi bank having an office in Nairobi as well. Citi Bank has in the past operated as the clearing house for SWIFT Messaging system in the country. As from Next month, the financial system is undergoing change from the current system to the new ISO 200022 system with JPM angling for a key position in it. however, JPM system is based on the Ethereum network which is still slow and costly even after the move from Proof of Work to Proof of Stake. The sad part is that the kenyan banks will still flock to JPM inspite of being alternatives to it. As usual this will go unnoticed just as the announcement of CBK inviting opinions on the adoption of Central Bank Digital Currency (CBDC)

So what does that mean for us?

Fafanua for the financially illiterate.