This meant that cheques drawn in Nairobi, upcountry and remote zones e.g. Moyale, would be processed within the T+2 clearing cycle, thus saving customers time and transport costs. Thus, the implementation of cheque truncation system has delivered on improving the efficiency of the clearing process, reducing the cost associated with handling physical cheques and reducing the clearing period.
Why are the ECB and the national central banks ignoring bitcoin and other cryptocurrencies, which are being increasingly used for trade? We aren’t ignoring them. At the moment crypto-currencies don’t pose any monetary risk because the amounts involved are marginal. They are speculative financial instruments which create risks of a financial or even criminal nature.