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Kenyan Blockchain Task Force Advise Authorities to Tokenize the Economy

Reading Time: 2 minutes by on September 27, 2018 Altcoins, Blockchain, Development, Finance, News, Tech
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Chairman of the Kenyan blockchain technology task force, Bitange Ndemo has urged the country’s financial authority to replace the current fiat system with tokens, to reduce corruption and economic hardship, reported local news source, The Star on September 26, 2018.

Kenya’s DLT Task Force Recommend Blockchain-Based Crypto

According to sources close to the matter, Kenya’s distributed ledger technology and A.I task force that was set up earlier in March 2018, to carry out blockchain feasibility study in the nation, has made it clear to authorities that integrating digital tokens into the economy could be of immense benefit to the country.

Bitange Ndemo, the chair of the Distributed Ledgers and Artificial Intelligence taskforce have reportedly said that creating digital tokens that would function as legal tenders alongside the country’s fiat currency, could significantly reduce the rate of corruption and economic uncertainties.

Speaking at the Kenyan ICT stakeholders meeting with the private sector, Ndemo noted that digital assets could help the government cut down costs of minting fiat money and could reduce the rate of unemployment in the state, as avenues that will help the youths to earn these tokens would be created.

“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,” said Ndemo.

No Central Bank Digital Currency for Now

It’s worth noting that earlier in July 2018, the Kenya Blockchain Task Force recommended the creation of a central bank digital cryptocurrency to be pegged to the Kenyan shilling and act as legal tender.

However, the official has now made it clear that the development of the CBDC will be temporarily suspended to enable the people to understand the workings of cryptocurrencies first.

ICT Ps, Jerome Ochieng expressed support for the recommendations of the blockchain taskforce. He noted that the Kenyan government would create relevant regulatory policies in line with the recommendations of the task force.

Kenya to Integrate DLT in its Supply Chain

As previously reported by BTCManager in April 2018, Kenyan local fruits distributor, Twiga Foods partnered with IBM to offer loans to retailers via blockchain technology.

Now, the East African country is reportedly looking to integrate DLT into its entire supply chain ecosystem, to aid authentication of goods and tracing farm produce from the farm to the stores, in a transparent way without third parties.

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