Kenya is set to become the first African country to launch its own cryptocurrency, the KenCoin, which will be backed by the country’s natural resources and human capital.
The KenCoin will be a digital currency that will operate on a blockchain platform, allowing for fast, secure, and transparent transactions. It will be pegged to the value of the Kenyan shilling, but will also reflect the value of the country’s natural resources, such as wildlife, minerals, and agriculture, as well as the value of its human capital, such as education, skills, and innovation.
The KenCoin will be issued by the Central Bank of Kenya (CBK), which will also regulate its supply and circulation. The CBK will also create a digital wallet for every Kenyan citizen, where they can store, send, and receive KenCoin. The CBK will also provide incentives for people to use KenCoin, such as lower transaction fees, tax exemptions, and interest payments.
The KenCoin will be compatible with other cryptocurrencies, such as Bitcoin and Ethereum, as well as with other fiat currencies, such as the US dollar and the Euro. It will also be accepted by major online platforms, such as Amazon, Netflix, and Spotify.
The KenCoin will be launched in October 2023, coinciding with the Mashujaa Day celebrations. The CBK hopes that the KenCoin will boost the country’s economy, enhance financial inclusion, and promote national pride.
Kidney Scan
To register, Kenyans will be required to have their kidneys scanned and held as collateral for the KenCoin.
The KenCoin has already received positive feedback from various stakeholders, such as the government, the private sector, and civil society. However, some critics have raised concerns about the security, stability, and legality of the KenCoin. They have also questioned the feasibility and sustainability of KenCoin in the long run.
The CBK has assured that the KenCoin will be safe, stable, and legal. It has also said that it has conducted extensive research and consultations on the KenCoin project. It has also invited experts from around the world to advise and assist on the KENCOIN development and implementation.
The CBK has also urged Kenyans to embrace the KenCoin as a symbol of national identity and sovereignty. It has also encouraged Kenyans to invest in the KenCoin as a way of supporting the country’s development and prosperity.
The KenCoin is expected to revolutionize Kenya’s financial system and position it as a leader in Africa and the world.
