Bitcoin News and Finance
Kenyan Farmers Pivot to Cryptocurrency as Popularity of Community Currencies Grows Skip to main content

Kenyan Farmers Pivot to Cryptocurrency as Popularity of Community Currencies Grows

Kenyan Farmers Pivot to Cryptocurrency as Popularity of Community Currencies Grows

The growth and popularity of community inclusion cryptocurrencies in Kenya continues to soar with the country’s rural farmers being the latest group to embrace the financial technology. As one report reveals, some farmers in Kenya’s countryside are now accepting cryptocurrency as payment while others are using the same to buy important supplies.

Use of Sarafu Cryptocurrency Helps Farmers Save Money

According to a report from media outlet VOA, one of the reasons this alternative monetary system has become popular is because it allows users to preserve their fiat currency savings. For instance, the report quotes Emmanuel Kahindi, a 26-year-old farmer from Kenya’s Kilifi, explaining how using this novel currency system helps him. Kahindi said:

“Sarafu [the community inclusion cryptocurrency] helped me a lot especially because it makes me save my money, my Kenyan currency.” According to the report, Kahindi is using the sarafu to purchase items for the garden like seeds and fertilizer.

The sarafu crypto coins, according to an explanation in the VOA report, are like vouchers that can be exchanged for goods or services of other users of the currency. So far, anyone with a Kenyan mobile phone line can enroll to become a user. Upon enrolling, users are given 50 sarafu for free. After that, they earn coins by selling a product or service to another user.

Will Ruddick, the American economist who introduced this system for low-income urban customers, is quoted in the report asserting that this digital currency is intended to fill the fiat currency gap. He said:

I think that’s where there is the most chronic lack of national currency. So, I think what’s happening, we’re filling a gap. People say look, the national ledger system, the national currency it is not available for us. We can’t measure our trade in this thing.

Support for the Initiative Growing

As previously reported by Bitcoin.com News, this community inclusion cryptocurrency initiative has been applauded by Kenya’s UN resident coordinator Stephen Jackson. In his commendation, the UN coordinator praised the blockchain anchored e-voucher system for its role in helping “vulnerable households access basic needs.” The Kenyan Red Cross has similarly praised the initiative.

Meanwhile, in addition to receiving support from farmers and the UN, the sarafu cryptocurrency is also getting a thumbs up from some Kenyan academics. For instance, Bitange Ndemo, a senior lecturer at the University of Nairobi, thinks this type of cryptocurrency can be useful in other African countries. Ndemo gives an example of cobalt mines in the Democratic Republic of Congo as an area that needs a community inclusion cryptocurrency. He explained:

“Nothing stops them from a cobalt coin based on the reserves they have in terms of cobalt. The country then can then raise sufficient resources to develop the country.”

What are your thoughts on this use of cryptocurrency by Kenyan farmers? Tell us what you think in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory