Cash Strapped Kenyan Communities Loving the Daily Use of Cryptocurrencies




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use of crypto

Cryptocurrencies are beginning to solve real-life problems in Kenya. In the country, cash strapped communities are using cryptos in the hope of resolving their cash flow problems.

According to the marketplace, there are currently nine cryptocurrencies in Nairobi. The digital currencies have been developed to help solve cash flow problems among small, impoverished communities. They are using digital community currencies to buy daily items and trade among themselves.

Solving Cash flow problems in Kenya

Kenya is one of the most FinTech ready countries in Africa. Mobile payment inventions such as M-Pesa are making it easy to understand and accept the idea of using crypto.

With this in mind, Grassroots Economics has partnered with a Swiss non-profit organization and other local communities in Nairobi. Their goal is to introduce digital currencies for daily use.

Thanks to the active community cryptocurrencies such as Gatina Pesa. Skilled and unskilled laborers can now conduct business and provide goods and services without cash flow issues. Smartphone penetration in the communities has also contributed to the growth and adoption of the idea. People are now able to spend the cryptocurrencies with vendors who accept them.

Kenya’s Blockchain task force

The Kenyan central bank has not held back any punches. The country’s central bank governor (Dr. Patrick Njoroge) has issued a warning to Bitcoin investors saying that they should “be ready to lose” their money and that it is dangerous.

However, a Kenyan Blockchain task force has worked on a report which will help the country use distributed ledger systems to fast track the country’s development.

Apart from Kenya, other African courtiers that have embraced cryptocurrencies and Blockchain technology include Nigeria, Ethiopia, and Rwanda. All of the three countries mentioned above are involved with Cardano’s plan to explore Blockchain and smart contract opportunities on the continent.

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