This move was made way back in 2018. While some African countries are fighting against the growth of virtual currencies across the globe, Kenya’s government set up a task force on how not to let the opportunity pass them by. Checkout the story of hoe Kenya is standing out in Africa as a forward-looking government in the digital age.
What Kenya Government Has Done
The government of Kenya has put machinery in motion to study the cryptocurrency technology in order not to let the opportunity pass by. Not only in Kenya, but all around the world, cryptocurrencies have gained the attention of investors, governments and enterprises. The debate over the legal situation of these virtual currencies and how to include them in the society has been in the agenda of most governments. Kenya is now considering to set up a task-force to assess potential benefits and risks of the technology.
Kenya Blockchain and Crypto Task-force
The main intention of the task-force that Kenya is trying to build is to analyze benefits and risks of cryptocurrencies and blockchain technology. Different countries and governments are implementing blockchain technology to improve their operations.
President Uhuru Kenyatta has shown its support to blockchain technology claiming that the country must not let the opportunity to pass. It is important for countries that were left behind the technological revolution of the last hundred years to catch this new one.
“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 task-force will be unveiled in the next hours and is expected to change the future of the country. The main applications that the government is planning to implement are education and land sectors. The task-force is expected to be conformed by members of the public and private sectors that are interested in blockchain technology. These individuals that have an important background with blockchain or cryptocurrencies will have priority.
This information released by the president comes in an important moment for blockchain in the country. The Capital markets Authority (CMA) warned the society about the risks that investing in cryptocurrencies may bring. The agency has also stated that digital currencies are unregulated. Furthermore, the CMA explained that cryptocurrencies are related to speculative investments.
The Central Bank of Kenya has also commented in a negative way about virtual currencies. It said that they are risky investments due to the lack of legal framework in the country.