The Central Bank of Kenya has issued warnings to the citizens concerning the volatility of cryptocurrencies but some business in Nairobi, Kenya have started embracing Bitcoin as a means of payment. Estimation by the Blockchain Association of Kenya shows that the total number of Bitcoin transactions in Kenya is worth 1.5 million dollars.
The big question is, can this technology take off? If you take a look at the number of people using virtual currencies in Kenya, its only 40,000. The main reason behind cryptocurrency not penetrating the Kenyan economy is regulations from the Central Bank. Kenyan banks are not allowed to open accounts for people dealing in any virtual currency, and this means that conversion of Bitcoin or Ethereum payments into fiat or mobile money has become extremely hard. Majority of Kenyans don’t use credit cards, and thus digital currency could come in handy given that all one requires is an electronic gadget and access to the internet.
Blockchain Association of Kenya is actively working to educate the masses on the numerous benefits of adopting cryptocurrencies and Blockchain technology. This non-profit body is trying to show Kenyans just how much using virtual currency can reduce transaction costs. The percentage of Kenyans who are unbanked could greatly benefit from this by being able to make and receive payments swiftly.
Kenyans can be able to do so much from trading through Bitcoin, be it paying merchants for goods in China, or ensuring young African freelancers get paid for their work online in a very swift manner.
I'm happy, cryptocurrencies are embraced in Kenya
