Kenya is experiencing increasing popularity and growth of community inclusion currencies and the latest group that has embraced the financial technology are the rural farmers in the country. According to one report, cryptocurrency is also being accepted as a means of payment by some farmers in the Kenyan countryside, while others are making use of it to purchase important supplies. Media outlet VOA reported that this alternative monetary system has gained popularity because it enables users to keep their fiat currency savings safe. The farmers revealed that they are using the community inclusion currency for buying things like fertilizer and garden seeds, while their Kenyan currency remains safe.
The community inclusion cryptocurrency known as Sarafu is quite similar to vouchers that people can exchange for goods and services with others who use the currency. As of now, anyone who has access to a Kenyan mobile phone line has the option to enroll and start using the sarafu crypto coins. Users can get 50 sarafu for free upon enrolling. After that, they can sell a product or a service to another user for earning more coins. This system was introduced by an American economist, Will Ruddick, for low-income urban customers.
He stated that the purpose of this currency was to fill the gap left by the financial currency. He said that there was a chronic lack of national currency, so they were simply filling a gap. It had been previously reported that Stephen Jackson, the UN resident coordinator of Kenya, had applauded the initiative of the community inclusion cryptocurrency. The e-voucher system that rests on blockchain technology was lauded by the UN coordinator and he said that it was assisting vulnerable households in accessing basic needs. The initiative also earned some praise from the Kenyan Red Cross.
Not only has the sarafu cryptocurrency received support from the UN as well as farmers in Kenya, it has apparently also impressed Kenyan academics who gave it a thumbs up. For instance, a senior lecturer who works at the University of Nairobi, Bitange Ndemo believes that this kind of cryptocurrency could actually be helpful in other African countries as well. He talked about the cobalt mines that exist in the Democratic Republic of Congo. He said that this was also an area that requires a community inclusion cryptocurrency. He said that they could use the cobalt reserves they have for introducing a cobalt coin.
He went on to say that this could be immensely helpful for the country because they will be able to use the cobalt coin for raising sufficient resources that are required for developing the country. Whether this idea is implemented or not, it is obvious that cryptocurrencies are making waves all over the world. Once where people thought the trend would die out and cryptocurrencies wouldn’t survive, they are being integrated into the financial system and their applications are gradually increasing in different parts of the world, with more expected to come.