As community currencies become more and more popular, Kenyan farmers switch to cryptocurrencies – Altcoin Bitcoin News

The growth and popularity of inclusive cryptocurrency in Kenyan communities continues to soar, with rural farmers in the country becoming the latest group to adopt financial technology. As a report shows, some farmers in rural Kenya now accept cryptocurrency as payment, while others use cryptocurrency to purchase important supplies.

Use Sarafu cryptocurrency to help farmers save money

According to a Report According to VOA media reports, one of the reasons this alternative currency system has become popular is because it allows users to keep their fiat currency savings. For example, the report quoted Emmanuel Kahindi, a 26-year-old farmer from Kilifi, Kenya, explaining how using this novel currency system helped him. Kahindi said:

“coin [the community inclusion cryptocurrency] Helped me a lot, especially because it saved me money with my Kenyan currency. According to reports, Kahindi is using sarafu to purchase items such as seeds and fertilizer for the garden.

According to the explanation in the VOA report, sarafu cryptocurrency is like a voucher, which can be exchanged for goods or services of other users of the currency. So far, anyone with a mobile phone line in Kenya can register as a user. After registering, users will get 50 sarafu for free. After that, they earn coins by selling products or services to other users.

The report cited Will Ruddick, an American economist who introduced the system for customers in low-income cities, as saying that this digital currency is designed to fill the legal tender gap. He says:

I think this is where the national currency has been lacking for the longest time. So, I think what is happening, we are filling a gap. People say look, the national ledger system, the national currency is not available to us. We cannot measure our trade in this matter.

Growing support for the initiative

As before Report According to news, this community-inclusive cryptocurrency initiative was praised by Stephen Jackson, the UN Resident Coordinator in Kenya. In his praise, the UN Coordinator praised the role of the blockchain-anchored electronic credential system in helping “vulnerable families obtain basic needs”. The Kenya Red Cross also praised the initiative.

At the same time, in addition to the support of farmers and the United Nations, the sarafu cryptocurrency has also been praised by some Kenyan scholars. For example, Bitange Ndemo, a senior lecturer at the University of Nairobi, believes that this type of cryptocurrency is useful in other African countries. Ndemo exemplifies that the cobalt mine in the Democratic Republic of Congo is a region that requires community-inclusive cryptocurrency. He explained:

“Based on their cobalt reserves, nothing can stop them from buying cobalt coins. Then, the country can raise enough resources to develop the country.”

What is your opinion on the use of cryptocurrency by Kenyan farmers? Tell us what you think in the comments section below.

Image Source: Shutterstock, Pixabay, Wikimedia Commons, Philou1000

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