Topic: Kenya’s Blockchain Task Force Advises Gov’t to Replace Cash With Digital Currenc (Read 110 times)

Kenya’s Blockchain Task Force Advises Gov’t to Replace Cash With Digital Currency
The chairman of the Distributed Ledgers and Artificial Intelligence taskforce, Bitange Ndemo has advised the Kenyan government to tokenize its economy in order to deal with the increasing issues of corruption and uncertainty.

Ndemo made known his opinion during a meeting between the Kenyan ICT ministry stakeholders and members of the private sector. He noted that the East African country needs a digital currency that would stand side-by-side with fiat.

“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,” Ndemo said

Kenya is Open to Innovation
Kenya is one of Africa’s leading countries in terms of blockchain and cryptocurrency development. Some of the region’s largest blockchain remittances originated from Kenya. Beyond remittances, the East African nation is notable for the friendly environment that it provides for not just blockchain, but technological innovations in general.

Active legislative discussions over blockchain and cryptocurrency related programs show the interest that the Kenyan government have in blockchain technology. This is evident in the government’s effort towards finding proper regulatory frameworks for the technology over time.

In August 2018, the country’s electoral commision even showed signs of adopting blockchain technology in voting processes.

According to Ndemo, Tokens are like bonga points given by mobile operators or loyalty points given at the supermarkets, it can be converted to coins and used to buy goods of any choice by the user.
https://www.ccn.com/kenyas-blockchain-task-force-advises-govt-to-replace-cash-with-digital-currency/