In an unprecedented move, Bitange Ndemo, chairman of the Distributed Ledgers and Artificial Intelligence task force has called on the government to tokenize its economy. Addressing a meeting with the stakeholders of Kenya’s ICT ministry and members of the private sector, Ndemo said,
‘We must begin to tokenize the economy by giving incentives to young people to do things which they are paid through tokens that can be converted to Fiat currency.’
He stated that the East African country now needs a digital currency that would operate simultaneously with fiat. He believes that adopting the blockchain technology would accelerate the country’s growth and also facilitate the elimination of corruption prevalent in Kenya.
The Distributed Ledgers and Artificial Intelligence task force which was formed in March, has been working round-the-clock to explore and examine the appropriate integration of blockchain technology with Kenya’s technological and economic environment.
Kenya has always been a safe haven for technological innovations and now its positive approach towards blockchain and cryptocurrency development, would augment its development.
The Distributed Ledgers and Artificial Intelligence task force had earlier this year, recommended a Central Bank Digital Currency to operate in fixed nominal terms and as a valid legal tender. But their suggestions were not well accepted.
ICT’s Jerome Ochieng points out that this process would take some more time as people still have to grasp the whole idea of blockchain and cryptocurrency. Only when the mainstream population is aware of the pros and cons of digital currency and is willing to adopt it, can the government take such a drastic step.
‘We are not very enthusiastic at the moment, of course, it will come, but we first want people to understand the use of tokens,’ says Ochieng.