Uhuru Kenyatta, the President of Kenya, believes that blockchain and cryptocurrency technologies can help smaller nations that were left behind during the explosion of the technology era. He believes these technologies have the potential to revolutionize their nation’s economy.
“It is true that the previous industrial revolutions have passed us by. This time, I hope the fourth industrial revolution driven by digital transformation will not leave Africa behind.”
The Kenyan government is setting up a task-force to evaluate the potential advantages and risks of blockchain technology and specifically wishes to utilize them within the sectors of education and land departments.
President Kenyatta’s announcement is the first time that Kenya has taken a look at incorporating blockchain and cryptocurrencies in their economic operations.
There were a great deal of criticisms and skepticism from Governor Patrick Njoroge the country’s Capital Markets Authority, who advised about the potential risk factors in these both blockchain and cryptocurrency technology.
The central bank also called them highly risky due to the lack of “legal framework” within the country.
However others such as Chilemba Kamau, a well known investor from the countries capital, Nairobi Kenya had a different outlook saying
“Our countries are in the need for revamp and blockchain and Bitcoin seem to be the way. I hope a good decision comes soon, keeping fingers crossed”
The blockchain community at large consider this a great move for the future of Kenya while the cryptocurrency community awaits to see what roles bitcoin and other currencies will play in Kenya’s future.