Kenya, one of the few African countries with a positive stance on cryptocurrency and blockchain, have been advised to tokenize the economy if corruption must be shelved and done away with in the nation.
Speaking on behalf of the Distributed Ledgers and Artificial Intelligence task-force, the Chairman, Bitange Ndemo talked up the necessity to introduce digital currencies into the country’s economy. In a meeting between the Kenyan ICT ministry stakeholders and members of the private sector, Ndemo explained the need for a cryptocurrency standing equally with fiat currency. He also talked about how it could be employed to influence the younger generation of Kenya. Ndemo was quoted saying:
“We must begin to tokenize the economy by giving incentives to young people to do things which they are paid through tokens that can be converted to Fiat currency.”
Kenya‘s Open Stance to Innovation
Kenya’s open stance to technological advancements and innovations have made it one of Africa’s leading countries in blockchain technology and digital currency development. With the biggest blockchain remittances coming from the shores of Kenya, the country continues to make its digital marks on the continent.
That the government of the country keeps discussing about legislative actions towards blockchain and cryptocurrency related programs not only shows the country’s interest in blockchain technology, but its willingness to find proper frameworks that would allow its citizens get the best from a young but evolving industry.
In August, it was reported that Kenya’s electoral commission contemplated and discussed the possibility of adopting the blockchain technology during voting processes.
Proper Enlightenment is Key
The Distributed Ledgers and Artificial Intelligence task force was inaugurated March 2018, and the body did not waste time in petitioning the central bank to adopt digital currencies as a valid legal tender in the country. While the idea has been put on hold for a while now, ICT’s Jerome Ochieng recognizes the need for people to understand the use of tokens first before any mass action can be implemented. Ochieng explained:
“We are not very enthusiastic at the moment, of course, it will come, but we first want people to understand use of tokens.”
Proper enlightenment and education on the topic of tokens and cryptocurrency would serve as the foundation for mass adoption and legalization.