Nairobi, Nov. 12 -- The International Monetary Fund (IMF) wants Kenya to allow foreign-denominated stablecoin issuers to keep their reserves abroad, a departure from requirements that compel crypto firms to hold part of their backing assets locally.

Under the proposal, global stablecoin issuers would maintain reserves in their home jurisdictions or with foreign custodians, subject to strict conditions on the transfer of funds and regulatory oversight. Kenya would restrict how such digital currencies are used in the domestic market.

Published by HT Digital Content Services with permission from Business Daily....