BY SIMIYU SIMIYU TWITTER: @wakajuaness
As the blockchain technology takes root across the world, investors seem to have found the greatest opportunity to invest in cryptocurrencies across the world.
In Africa, the first Pan Africa Kenyan-made cryptoctocurrency Nurucoin has been received with much enthusiasm from both local and foreign investors.
Nurucoin is Africa’s first peer-to-peer Internet currency that enables instant close-to-zero payment costs to anyone trading in the world.
What is blockchain technology?
A blockchain, originally block chain, is a continuously growing list of records called blocks, which are linked and secured using cryptography.
Blockchain systems are designed to use nodes agreements to order transactions and prevent fraud.
However, lack of support from the Kenyan government has posted doubts in critics of this blockchain.
The Capital Market Authority (CMA) and the Central Bank of Kenya have earlier warned Kenyans against investing in cryptocurrencies, saying the system has not been regulated as required by law for any financial entity.
But during the symposium on Digital Innovation and Technology at Strathmore University this week, President Uhuru Kenyatta finally cleared the air and expressed his support for this blockchain technology.
“We will set up a task force on blockchain technology because, as a country, we will not let this opportunity pass us,” Uhuru was quoted by Kenya’s Citizen TV.
The task force, according to the head of state, will look into the benefits and challenges associated with this latest innovation and how the government can implement it.
eally mention specific companies in his speech, the Nurucoin is, in this particular case, Kenya’s first crypto that trades its coin on blockchain technology. Definately, the Nurucoin will rip big, a boost that the company C.E.O Isaac Muthui has been looking up to.
“We have always wanted to prove to Kenyans and foreign investors that blockchain technology is the future of African as a continent and Nurucoin in particular, will arguably sort out all the currency challenges including inflations and edging out middle men who make trade expensive.” Muthui told this writer during a telephone interview.
But why did the president declare support for this blockchain technology?
1. Employment Opportunities
According to Mr Muthui, the reason why many people across the continent are investing in the Nurucoin is because of trade opportunities regarding the blockchain.
This, he says, will boost income opportunities for Kenyans and is one of the advantages President Uhuru has noticed in the Nurucoin.
During his campaign for his second term, President Uhuru promised to create more job opportunities for Kenyans and any entity that tables a good employment opportunities for Kenyans will definitely get the government support.
2. Tax collection
With the Nurucoin being an investment, the government will want to boost its tax revenue by imposing tax on the blockchain companies, the same way it has done on telecoms, betting firms, etc.
3. Digital Innovation
Uhuru’s government through the ministry of Technology is keen on supporting any digital innovation especially from young Kenyans.
The digital platform, according to Mr Kenyatta, provides a huge opportunity to solve socio-economic crisis both in the private and public sector.
Digital Innovation has been key in transport, health, education and business sectors and Uhuru is keen on supporting these innovations.
4. Data security
The government has on various occasions faced data attacks on its sectors. The blockchain technology gives solution to data manipulation and security.
With the blockchain now a hot cake across the globe, President Uhuru will incontestibly want to leave a legacy as one of the first ever head of states to back this technology.
The Nurucoin already launched its Initial Coin Offering (ICO) on January 30th, 2018 and will end on 17th March this year.