YENTS, an unusual stablecoin developed by the Kenya's Young Entrepreneurs Network, has entered into testing under the local regulatory sandbox.
YEN, which organizes golfing tournaments to facilitate networking opportunities for Kenyan entrepreneurs, plans on initially using the stablecoin as a means of payment for sporting events and training programs.
The network's CEO, Kamau Nyabwengi, told The Africa Report that YEN intends to launch the token in November, and hopes to use it to accept investments into a planned golf course.
"Blockchain can help move products from the supplier to the consumer. It allows more efficiency and eliminates middlemen."
The CEO believes blockchain is an ideal way to aggregate small-scale pooled funds for investment, bypassing Africa's notoriously exclusionary banking sector and democratizing access to the financial markets.
Nyabwengi aims to expand YENTS into other markets within the region and will need to also deal with regulators beyond Kenya.
A recent report published by Smart Africa asserts that shared regulations beyond national borders are required on the continent in order to foster a robust pan-African blockchain sector.
The report praised Kenya's regulatory sandbox as an example of "Government-driven institutionalization of blockchain", highlighting that the system allows both the private and public sector to explore innovative technologies within a low-risk environment.
It suggests "International institutionalism" is less common on the continent and calls for pan-African classifications of blockchain based financial instruments and a focus on interoperable blockchains.
YEN is one of many entities racing to capture market share in Africa's nascent crypto sector, with musician Akon driving a multi-billion initiative to build a city in Senegal that is powered by his 'Akoin' cryptocurrency.
Kenya's golf stablecoin highlights need for Africa-wide regulations
Publicado en Sep 29, 2020
by Cointele | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.