Kenya's National Fire Brigade has added Bitcoin to its balance sheet.

sokani

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Quote from: Davidvictorson on December 19, 2024, 12:41:10 AM

Kenya may just be of the first African Countries to have a strategic Bitcoin reserve at this point and I wouldn't be surprised. They are already building the capacity to be able to influence government people enough to listen and grant them audience. My eyes are on Kenya.

It's a nice initiative from the Kenyan fire brigade and the publicity is really good for Bitcoin. Imagine if it continually keeps stacking a good amount of Bitcoin for the next 15 - 20 years, it's value will most likely be more than Kenyan's annual budget Grin

That would be more than convincing and a better way to get the government onboard.

FortuneFollower

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Quote from: Davidvictorson on December 19, 2024, 12:41:10 AM

I saw a some pictures of local merchants that had "Bitcoin accepted here" banner hung in from of their kiosk in Kenya and I couldn't be more proud. Kenya may just be of the first African Countries to have a strategic Bitcoin reserve at this point and I wouldn't be surprised. They are already building the capacity to be able to influence government people enough to listen and grant them audience. My eyes are on Kenya.

Sounds really bullish indeeed.
I hope that all the drafts about crypto and BTC would be passed smoothly, if they will come to that as time goes on.

Davidvictorson

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I saw a some pictures of local merchants that had "Bitcoin accepted here" banner hung in from of their kiosk in Kenya and I couldn't be more proud. Kenya may just be of the first African Countries to have a strategic Bitcoin reserve at this point and I wouldn't be surprised. They are already building the capacity to be able to influence government people enough to listen and grant them audience. My eyes are on Kenya.

danadc

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I find it sensational that Africa, through this initiative, is promoting the use of Bitcoin, and what better example than the firefighters themselves. They really are very intelligent people, and in some way the world has congratulated them, because this is one of the best investment decisions, and creating a fund of this style not only guarantees them a fortune in the future, but they will be pioneers so that everyone in Africa believes more in the power that Bitcoin has in the world. Great for them, I'm happy and I hope they continue to do many of these initiatives.

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Quote from: DeathAngel on December 12, 2024, 06:09:48 AM

Good for them, they all look very happy in the photograph & they should be. Investing in Bitcoin is the best way to preserve the Fire Brigade’s assets so they can beat inflation & continue to run the organisation well. It’s especially important in a country like Kenya to ensure that they preserve purchasing power due to their currency doesn’t get inflated out of control

I agree, but we need to watch after situation from time to time - after all, the details are important, and it's interesting to see the development from this exact Brigade or other organizations in their efforts to adopt BTC.

DeathAngel

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Good for them, they all look very happy in the photograph & they should be. Investing in Bitcoin is the best way to preserve the Fire Brigade’s assets so they can beat inflation & continue to run the organisation well. It’s especially important in a country like Kenya to ensure that they preserve purchasing power due to their currency doesn’t get inflated out of control

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Quote from: hugeblack on December 12, 2024, 04:23:08 AM

Good initiative, but is the acceptance as a donation or part of their long-term investment plan, and what is the role of such associations or labor unions in influencing workers and employees and their ability to identify Bitcoin?

It would be cool to get an update from their team on what exactly their plans are.
And how they acknowledge BTC and what they think about it on a personal level.

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Quote from: Pmalek on December 12, 2024, 04:36:39 AM

Bitcoin is very popular in many African countries and Kenya is among those, so I am not surprised that we are seeing increased adoption. I know that Kenyans have an app called Tando. It allows people to pay with bitcoin anywhere in the country by converting BTC into the local fiat currency. They can use it to shop, pay bills, or the standard P2P transactions. What's interesting is that there is no KYC with Tando, which is an added benefit.

Lol, reading this post before posting to check spell errors I made it look like I am shilling this app. Just for the record, I am not.

Sounds really good, but I would think it would be KYCed so that there would be no hiccups made and gov could see all that is done via it.
Alas, more analysis is needed and it's not the theme of the topic.
Thanks for the info.

Pmalek

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Bitcoin is very popular in many African countries and Kenya is among those, so I am not surprised that we are seeing increased adoption. I know that Kenyans have an app called Tando. It allows people to pay with bitcoin anywhere in the country by converting BTC into the local fiat currency. They can use it to shop, pay bills, or the standard P2P transactions. What's interesting is that there is no KYC with Tando, which is an added benefit.

Lol, reading this post before posting to check spell errors I made it look like I am shilling this app. Just for the record, I am not.

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Quote from: hugeblack on December 12, 2024, 04:23:08 AM

Good initiative, but is the acceptance as a donation or part of their long-term investment plan, and what is the role of such associations or labor unions in influencing workers and employees and their ability to identify Bitcoin?

The National Fire Brigade Association of Kenya sees one of the goals of adding Bitcoin to their balance sheet, which is that Bitcoin reserves may further increase the capacity of the Kenyan Fire Brigade. Also the National Fire Brigade Association of Kenya has added Bitcoin to their balance sheet which they believe will improve the fire brigade's hiring process, Add member and emergency procedures.

Quote

What will KENFIBA (Kenya National Fire Brigade Association) gain from setting up a BTC reserve?
Proof of Workforce’s advisor, Magdalena Gronowska, explained the significance of the collaboration. She said that through it, KENFIBA would enhance its hiring process, member sign-up, and emergency responses.

https://cryptorank.io/news/feed/7a325-kenyas-fiba-adopt-a-bitcoin-reserve

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Good initiative, but is the acceptance as a donation or part of their long-term investment plan, and what is the role of such associations or labor unions in influencing workers and employees and their ability to identify Bitcoin?

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Quote from: Die_empty on December 12, 2024, 03:21:26 AM

Quote from: BIT-BENDER on December 11, 2024, 04:07:55 PM

This is a step in the right direction for the fire brigade and for Kenyans in general. This show that Africa is moving towards crypto-currency and I believe that some other sector in Kenya and Africa at large can implement this.
But I don't know much about Kenya's government but is the Kenya fire brigade independent of the presiding government and if yes this move would mean that the Kenyan government is in support of crypto-currency which is very recommendable.

The problem with some African countries is that they are governed by set of old politicians who are not open to new ideas. They tend to follow traditional financial systems and don't want to tap into the open doors that the industry offers. It's a welcome development from the Kenyan Fire Brigade. Maybe the leader of this important organization understands the benefit of investing in Bitcoin. Kenya under Uhuru Kenyatta experienced a lot of technological advancement and I hope William Ruto will step up this course and one day invest in Bitcoin.

Yeah, but let's put it in a different perspective, let's say that this old and traditional politician might have chance of heart since it's one of the hottest topic as we have seen a lot of countries are now proposing that Bitcoin be in their balance sheet.

And that's why some of them doesn't want to be left alone, I mean it doesn't take any effort on them to buy and accumulate and put it in their wallet that they have control. So it's the power of decentralization at works here, everyone, from retail investors to institutions are now government and politicians are into it.

Die_empty

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Quote from: BIT-BENDER on December 11, 2024, 04:07:55 PM

This is a step in the right direction for the fire brigade and for Kenyans in general. This show that Africa is moving towards crypto-currency and I believe that some other sector in Kenya and Africa at large can implement this.
But I don't know much about Kenya's government but is the Kenya fire brigade independent of the presiding government and if yes this move would mean that the Kenyan government is in support of crypto-currency which is very recommendable.

The problem with some African countries is that they are governed by set of old politicians who are not open to new ideas. They tend to follow traditional financial systems and don't want to tap into the open doors that the industry offers. It's a welcome development from the Kenyan Fire Brigade. Maybe the leader of this important organization understands the benefit of investing in Bitcoin. Kenya under Uhuru Kenyatta experienced a lot of technological advancement and I hope William Ruto will step up this course and one day invest in Bitcoin.

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Damn. Always love this kind of stuff.
Smaller organizations are coming to BTC too, and that is wonderful.
In the next cycles we may see BTC being even in some shops more, in my opinion.

fikrett

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Quote from: hd49728 on December 12, 2024, 02:44:43 AM

Quote from: NotATether on December 12, 2024, 02:33:38 AM

Now I'm just waiting for the day that stores will have "Bitcoin Accepted Here" signs en-masse.

P2P selling still works, but is inconvenient when you're trying to stay within limits. So directly accepting bitcoin would allow me to snag a lot of stuff.

Bitcoin is going to mainstream, only time to reach mainstream. In Africa continent, locals are very opened to accept Bitcoin and Bitcoin Legality Map shows that except Algeria, in other African nations, locals can use Bitcoin without Legal issues with governments and regulations.

There are some Bitcoin Promotional Graphics including "Bitcoin Accepted Here" graphic.

Never witnessed or seen one myself, but I am sure hoping to live through it becoming a reality.
Thanks for the heads up with the info regarding the welcomes to BTC! It's really appreciated.

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Quote from: avikz on December 11, 2024, 01:11:10 PM

Great! So even the departments within a government is buying and investing into Bitcoin! I am also seeing a lot of governments are already discussing about creating a Bitcoin reserve as well. While such kind of adoptions are generally a good news for Bitcoin because it bring in trust into the system.

But too much of Government investment is also not great for the ecosystem itself. I think Bitcoin shines brighter in the hands of the common people. My honest opinion.

Yeah, I do agree with you too - but if the desire comes from organizations like that, there is a high possibility that the common people are the lever that got into BTC - it's an initiative from within, and that's what matters.
Great news in my book.

FortuneFollower

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Quote from: NotATether on December 12, 2024, 02:33:38 AM

Now I'm just waiting for the day that stores will have "Bitcoin Accepted Here" signs en-masse.

P2P selling still works, but is inconvenient when you're trying to stay within limits. So directly accepting bitcoin would allow me to snag a lot of stuff.

Would be really nice to see such a development that you described and the ones like in OP's post throughout the world.
The trend for adoption is there and it's nice indeed that some pick the right path and choose BTC.

hd49728

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Quote from: NotATether on December 12, 2024, 02:33:38 AM

Now I'm just waiting for the day that stores will have "Bitcoin Accepted Here" signs en-masse.

P2P selling still works, but is inconvenient when you're trying to stay within limits. So directly accepting bitcoin would allow me to snag a lot of stuff.

Bitcoin is going to mainstream, only time to reach mainstream. In Africa continent, locals are very opened to accept Bitcoin and Bitcoin Legality Map shows that except Algeria, in other African nations, locals can use Bitcoin without Legal issues with governments and regulations.

There are some Bitcoin Promotional Graphics including "Bitcoin Accepted Here" graphic.

NotATether

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Now I'm just waiting for the day that stores will have "Bitcoin Accepted Here" signs en-masse.

P2P selling still works, but is inconvenient when you're trying to stay within limits. So directly accepting bitcoin would allow me to snag a lot of stuff.

kotajikikox

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This is a really good news and a good indicator of where bitcoin is at now.

It makes sense that a company related to finance or technology will incorporate bitcoin into their project and invest on it. It shows that they are well aware of the newest developments in fintech and is at the forefront of this development. But a project like Fire Brigade? It doesn't even have anything to do with bitcoin really. Bitcoin doesn't fit in to their project however being associated with bitcoin shows that agencies and companies see the true potential and use case of bitcoin. Excited for more projects to announce that they will be investing in bitcoin for the benefit of their project.

Alphakilo

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Kenya is an amazing country. They have the next silicon valley in Africa. Very progressive despite the political challenges. Africa Bitcoin Conference holding there is exciting as it proves their acceptance of Bitcoin.

Quote from: PremiumcryptoHub on December 11, 2024, 07:14:37 AM

This is a more bullish news, An important initiative. Because currently the National Fire Brigade Association of Kenya has added Bitcoin to their balance sheet. This move by the National Fire Brigade Association of Kenya may have made them the first labor union in Kenya and on the African continent to hold Bitcoin.

You mean this made them the first labor union to announce that they hold Bitcoin. There should be others who hold Bitcoin in small quantities but are yet to make such announcements for several reasons - strict government outlook on Bitcoin. Africa will open to Bitcoin one day, we'd have more conferences about Bitcoin with even government officials in attendance.

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That's pretty cool that Kenya's added Bitcoin to its balance sheet, and even better they are not alone. Vancouver Canada just announced that they want to use Bitcoin as a reserve asset, mixing it in with other financial resources to make themselves more known as a Bitcoin friendly city. https://99bitcoins.com/news/vancouver-mayor-ken-sim-announces-plan-to-add-bitcoin-to-citys-balance-sheet/

Even though that is still just a proposal, so it actually hasn't happened yet, but it still a good initiative. I think some countries that have high inflation rates or currency instability, such as Argentina or Turkey, could leverage Bitcoin to hedge against economic instability just like Kenya. They have set a good example for other countries to innovate financially and embracing digital transformation.

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As more accepts Bitcoin and adding it to its balance sheet, the lower the impact on it towards me positively.

I mean if this happened a few years ago, many would be excited and sees this as a bullish news. Not for me though, but seeing more people integrating Bitcoin is good news.

As for Kenya and their government, maybe this is the first step towards them doing the same as what Bhutan did when they invested millions of Dollars into Bitcoin and now, they're reaping the profits that they got through holding it. Now that this happened already, what would be the next step for them? Will other departments do the same if they see success in the action that this department did? Will the government do the same as well? Or maybe other nearby countries will do the same if this move by the Fire Brigade will show significant results?

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Congrats to Kenya National Fire Brigade on taking a step forward to the future.
Perhaps this could one day inspire the Kenyan government to add some bitcoin to their reserve.

Look what happened to countries like El Salvador and Bhutan.
Inflation is under control and their economies are prospering with the help of their bitcoin investments.

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This is generally positive news for the Bitcoin community that it's been adopted by a department of the government. This is a sign of growth, and what to expect from this is that other bodies and organizations from the government will also begin to consider Bitcoin as the national fire brigade has done in Kenya. This is an example of acceptance and adoption that is beginning to take place, and it will not just stop in Kenya, it has the potential to spread all through Africa like wildfire.

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This is a step in the right direction for the fire brigade and for Kenyans in general. This show that Africa is moving towards crypto-currency and I believe that some other sector in Kenya and Africa at large can implement this.
But I don't know much about Kenya's government but is the Kenya fire brigade independent of the presiding government and if yes this move would mean that the Kenyan government is in support of crypto-currency which is very recommendable.

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Quote from: PremiumcryptoHub on December 11, 2024, 07:14:37 AM

This is a more bullish news, An important initiative. Because currently the National Fire Brigade Association of Kenya has added Bitcoin to their balance sheet. This move by the National Fire Brigade Association of Kenya may have made them the first labor union in Kenya and on the African continent to hold Bitcoin.

The popularity of Bitcoin is spreading all over the world and this Bitcoin popularity is spreading very fast from individuals, companies, associations to country wise.

Quote

JUST IN: Kenya’s National Fire Brigades Association added #Bitcoin to their balance sheet.

It’s happening in Africa

https://x.com/BitcoinMagazine/status/1866806841419690005?t=FAG3WmzjWRQpJiHqil1ERA&s=19

Why I'm particularly happy for this kind of information is the fact that is coming from an African country, we've known a lot of African countries to be reluctant in investing in innovations especially when it comes to cryptocurrency, is only the youth angle in the African continent that have decided to be creative and innovative in investing in cryptocurrency, so these news leaves me with a smiling face knowing that it's coming from an angle of the Kenyan Government. I'm just hoping, little by little the Government of the sub Saharan Africa countries Will key in massively in investing in cryptocurrency especially Bitcoin, instead of remaining aloof and watching other World leaders catching up on the moving train very early.

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A welcome development, great to see Kenya taking forward steps in advancing Bitcoin usage and adoption. It's also great that they are making distinctions and not just taking a umbrella approach to adopt all cryptos.

Quote from: avikz on December 11, 2024, 01:11:10 PM

But too much of Government investment is also not great for the ecosystem itself. I think Bitcoin shines brighter in the hands of the common people. My honest opinion.

Only thing is, when you create a free decentralized system for anyone to use you cannot regulate who uses it. Bitcoin shines in the hands of anyone who sees the value of Bitcoin.

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Great! So even the departments within a government is buying and investing into Bitcoin! I am also seeing a lot of governments are already discussing about creating a Bitcoin reserve as well. While such kind of adoptions are generally a good news for Bitcoin because it bring in trust into the system.

But too much of Government investment is also not great for the ecosystem itself. I think Bitcoin shines brighter in the hands of the common people. My honest opinion.

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This is a more bullish news, An important initiative. Because currently the National Fire Brigade Association of Kenya has added Bitcoin to their balance sheet. This move by the National Fire Brigade Association of Kenya may have made them the first labor union in Kenya and on the African continent to hold Bitcoin.

The popularity of Bitcoin is spreading all over the world and this Bitcoin popularity is spreading very fast from individuals, companies, associations to country wise.

Quote

JUST IN: Kenya’s National Fire Brigades Association added #Bitcoin to their balance sheet.

It’s happening in Africa

https://x.com/BitcoinMagazine/status/1866806841419690005?t=FAG3WmzjWRQpJiHqil1ERA&s=19

Topic: Kenya's National Fire Brigade has added Bitcoin to its balance sheet. (Read 226 times)