Kenyan President William Ruto has called on African leaders to transition away from the U.S. dollar and adopt the Pan-African Payments and Settlement System (PAPSS) as an alternative payment solution.

Ruto emphasized that the PAPSS, launched in January 2022, enables African countries to use their currencies for intra-continental trade. He proposed that central and commercial banks join PAPSS to initiate the process of moving away from the dollar.

The PAPSS, developed by the African Export-Import Bank (Afreximbank) and the African Continental Free Trade Area (AFCFTA) Secretariat, aims to simplify cross-border transactions and relieve businesses from the complexities of currency exchange.

Ruto highlighted the need to overcome currency differences and reduce dependence on the dollar to facilitate trade within Africa.

What are your views on the development in Kenya? Why is the government there behaving so anti-crypto? 

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