The CBK Governor Patrick Njoroge observed that there is legitimacy in blockchain technology. Specifically, the bitcoin. The governor had previously cited uncertainties in the cryptocurrency warning Kenyans it is a Ponzi scheme. An eleven-member task force has been assigned to study the blockchain technology and artificial intelligence. This team was put together two months and a report on their findings is expected in the next three months.
The governor now supports the cryptocurrency and was quoted saying he is open to using it to make payments on vehicles to curb fraudulent payments. There are some banks which are already working on introducing cryptocurrency and says they hold promise. This statement instills confidence in eager investors who were previously skeptical. Due to the governor’s statement, cryptocurrencies have gotten a new lease on life in the country.
If you are new to blockchain technology it is a digital and decentralized currency that provides value without intermediaries. This includes bitcoin and ether, the former being more popular. The current value for one bitcoin goes for over seven thousand dollars. It has been growing steadily since its introduction by Sakashi Nakamoto a pseudonym for the inventors. Blockchain Revolution Author, Dan Apscott wrote a book on the blockchain. He describes it as a digital financial ledger of economic transactions that can be programmed to record everything of value.
Sources for this article:
Standard Digital Media