Kenya the African country and a founding member of the East African Community is setting up a task-force to evaluate the potential advantages or risk of this nascent technology after the Kenyan President showed interests in the blockchain technology.
The cryptocurrency market is booming all over, governments and economies are accepting and adjusting to the change that cryptocurrency is bringing along, but the debate over its legitimacy or how it can be incorporated in society seems to be the most grueling part of this whole situation.
A task-force has been assigned to investigate and analyze the threat factors of cryptocurrency and the blockchain technology.
President of Kenya Uhuru Kenyatta is highly enthusiastic about this opportunity and wants to implement it in the government’s operations, he adds that it is big time for countries that were left behind in technological advancements to grab this chance to revolutionize their economies.
“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 has targeted the education and land departments as the primary sectors where these new technologies will be implemented.
Blockchain technology allows digital information to be shared and distributed but not copied and by default, the technology is unaffected by alteration or modification.
The integrated task-force and its duties are yet to be revealed, and there are high hopes that it will bring about a change in the country’s future.
The task force consists member from both private and public sectors, with in-depth knowledge about blockchain and the cryptocurrency industries.
The announcement made by the president marks an important moment in Kenyan history, as this will be the first time that Kenya incorporates blockchain and cryptocurrencies in their economic operations.
There were criticisms from the country’s Capital Markets Authority’s Governor Patrick Njoroge who advised about the possibilities and potential risk factors in these new emerging technologies, like the unregulated status of digital currencies and the threat of speculative investments.
The country’s prime bank The Central Bank of Kenya has also expressed their opinion about virtual currencies saying that they are
“risky investments due to the lack of legal framework in the country’’
Chilemba Kamau, a cryptocurrency investor from Nairobi,
“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 president’s interest and encouragement for blockchain technology and cryptocurrency have been looked upon by the blockchain community as a positive sign towards the country’s future.