• Latest
  • All
  • How To
Michael Kimani Umati Blockchain

Opinion: Why Kenya Should Embrace Virtual Currencies

June 26, 2016
Kajiado's Kora Sub-location and Beyond: Digital Connectivity Ignites Small Town Development

USF Projects Fuel Mushrooming of Small Towns in Kenya

May 20, 2025
Microsoft

BitLocker Boot Loop Chaos? Microsoft Releases Fix After Botched May Update

May 20, 2025
USF's KES 40 Billion Digital Inclusion Plan: KES 12 Billion Shortfall Looms

CA Universal Service Fund New Strategy Faces a KES 12 Billion Funding Gap

May 20, 2025
Tanzania Police X Account

Tanzania Police X Account Hacked Amid Rising Political Tensions

May 20, 2025
DHgate Tablet Cases deals
Perplexity AI

Mozilla Tests Perplexity Search Integration in Latest Browser Update

May 20, 2025
Infinix Note 50 Pro

Infinix Note 50 Pro Launches in Kenya with Folax AI and 90W Charging Support

May 20, 2025
iphone 17 air

iPhone 17 Air Battery Leak Disappoints Despite Ultra-Thin Design

May 19, 2025
Connected Africa Summit

Tupatane Diani: Kenya Gears Up for Connected Africa Summit 2025

May 19, 2025
Google I/O 2025

Google I/O 2025: Android 16, Gemini AI, and the Future of Smart Devices

May 19, 2025
Apple Event

Apple Named World’s Most Valuable Brand in 2025. AI Players Surge in Rankings

May 19, 2025
IR-Equipped AirPods

Next AirPods Will Let You Control Music Without Touching Them

May 20, 2025
BURN Secures $5 Million to Bring Clean Cooking to Kenyan Homes

BURN Secures $5 Million to Bring Clean Cooking to Kenyan Homes

May 17, 2025
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
No Result
View All Result

Opinion: Why Kenya Should Embrace Virtual Currencies

Michael Kimani by Michael Kimani
June 26, 2016
in Editorial
Reading Time: 3 mins read
248
1
Michael Kimani Umati Blockchain

Michael Kimani Umati Blockchain

It is rather regrettable, that the man we have at the helm of Kenya’s Central Bank, is of the opinion that Kenyans, and broadly Africans, are not good enough to embrace one of the greatest technologies of our time. Just Google the headlines, Bitcoin and the blockchain, at just 8 years old, are making leaps into mainstream. On Saturday morning at #Mindspeak, I posed a couple of questions at the CBK Governor.

@njorogep your opinion on Japans legal recognition of bitcoin and digital currencies https://t.co/Xh4OIfItRJ @alykhansatchu #mindspeak

— Kioneki (@pesa_africa) May 28, 2016

@alykhansatchu CBK Gov award ws dedicated to Kenyan youth.They are making payments and trading bitcoin. Whats his take on it #mindspeak

— Kioneki (@pesa_africa) May 28, 2016

His response fell short of calling us backwards, saying we need to wait for ‘advanced’ economies to first adopt virtual currencies before considering it ourselves. As a Co-founder of Umati Blockchain Ltd., with 4 years experience in the cryptocurrency space,  I am afraid if we do this, we are at risk of arriving late to the party.

Read: Central Bank of Kenya Governor warns on Virtual Currencies like Bitcoin

Bitcoin is an open source technology, a first ever global payment network that is free to use for all. It is the first and only incorruptible permanent record on the internet. On top of it, are bitcoins, borderless fast internet money that incentivizes a public decentralized blockchain. One of its many use cases is international money transfers that for years, have been encumbered by an antiquated legacy banking system. For example, sending $9,000 from Kenya to Nigeria using GTBank (a Nigerian bank based out of Nairobi), takes 3 – 5 days, whereas on the bitcoin network, this transaction takes 20 minutes at a flat cost of 100 KES.

What is most exciting, is the nature of the Bitcoin blockchain as a public good, owned by nobody and therefore, an equal opportunity for all and sundry to share in: big or small, developed or developing. Anyone who can put two and two together is looking at right now as a watershed moment; a chance to innovate, get ahead and set themselves apart, akin to an arms race. Reinventing how money works online is a rare occurrence, which is why individuals, corporations, financial institutions, regulators and countries are flocking to pick it apart and learn.

In just 3 months, the Island of Japan has fast tracked a bill through the National Diet, both Lower and Upper house, to recognize bitcoin and virtual currencies as ‘asset-like values that can be used in making payments and be transferred digitally’. Japanese startups, banks, and financial institutions can now embark on new settlement systems and digital currency business.

Back in March, a consortium of Japan’s mega corporations Mizuho Bank, Ltd, Fujitsu Limited, and Fujitsu Laboratories Ltd conducted a successful test of the bitcoin blockchain for cross-border securities transaction settlements, cutting down delays in the post-trade process. They used the Open Assets Protocol, the same blockchain layer we use at Umati for prototyping an open source mobile money system.

The thing with Bitcoin, cryptocurrencies and the blockchain, is they radically new and potentially highly disruptive. For us as a people and country, it offers a great opportunity to get in early and shape the development of this technology. We can draw lessons from Kenya’s history, when just 7 years ago, banks strongly opposed Mpesa, because it was novel, unlike anything that had come before it. Today, we see Mpesa everywhere, even at my local bank branch, a far cry from its early opponents. Kenya is now a poster child for mobile money, a global leader in mobile payments. Meanwhile, ‘advanced’ economies like the United States and Europe, are still struggling to shift to the much coveted mobile payments.

In the grand scheme of things, Njoroge’s comments count for nothing. Unlike Kenya’s monetary policy that is pegged on his every press briefing, Bitcoin’s monetary supply is set in code and known to all. Since his public address, a bitcoin supply halving event in July, that will reduce the number of available bitcoins, has sent the price skyrocketing  to $580 per, up 21% in 4 days. The truth is, Bitcoin and virtual currencies will take off with or without us; it is a bit of a shame we, CBK Governor Njoroge, choose to sit on the sidelines.

 

Tags: BitcoinBlockchainCBK
SendShare147Tweet92
Michael Kimani

Michael Kimani

Michael is a Bitcoin Market Analyst and Founder at Bloc Chain East Africa Ltd., a company bridging the gap between East Africans and Bitcoin blockchain technology. A recognized thought leader on Bitcoin in East Africa, Michael consults on Bitcoin as a new digital asset class with unprecedented upside potential.

Related Posts

Exclusive Trump Dinner Offer Ignites $Trump Coin Price Rally

Trump Coin Price Surges After Promise of Dinner With the President

April 24, 2025
features of the Kenya's Virtual Asset Bill

Kenya Moves to Regulate Crypto Industry with the Virtual Asset Bill 2025

April 8, 2025
US Dollar to Kenyan Shilling Exchange Rate

US Dollar to Kenyan Shilling Conversion Guide 2025

March 14, 2025
new licensed digital credit providers kenya

Kenya Tightens Grip on Digital Lenders With New CBK Regulations

March 4, 2025
Silk Road creator Ross Ulbricht

Silk Road Creator Ross Ulbricht Pardoned by President Trump

January 23, 2025
Card Usage Drops as Mobile Payments Rise

Card Usage Drops as Mobile Payments Rise

December 20, 2024

Latest

Kajiado's Kora Sub-location and Beyond: Digital Connectivity Ignites Small Town Development

USF Projects Fuel Mushrooming of Small Towns in Kenya

May 20, 2025
Microsoft

BitLocker Boot Loop Chaos? Microsoft Releases Fix After Botched May Update

May 20, 2025
USF's KES 40 Billion Digital Inclusion Plan: KES 12 Billion Shortfall Looms

CA Universal Service Fund New Strategy Faces a KES 12 Billion Funding Gap

May 20, 2025
Tanzania Police X Account

Tanzania Police X Account Hacked Amid Rising Political Tensions

May 20, 2025
Perplexity AI

Mozilla Tests Perplexity Search Integration in Latest Browser Update

May 20, 2025
Infinix Note 50 Pro

Infinix Note 50 Pro Launches in Kenya with Folax AI and 90W Charging Support

May 20, 2025

Best devices

budget smartwatches 2025

Best Budget Smartwatches To Buy in Kenya 2025

February 13, 2025

Best Infinix Smartphones To Buy in Kenya 2024

February 13, 2025

Best Laptops for Battery Life in 2024

August 21, 2024

Best “Battery Warrior” Smartphones To Buy in 2024

August 22, 2024

USF Projects Fuel Mushrooming of Small Towns in Kenya

May 20, 2025

BitLocker Boot Loop Chaos? Microsoft Releases Fix After Botched May Update

May 20, 2025

Techweez is a fast growing influential source of technology news, reviews and analysis by leading tech geeks in the industry.

Follow Us

Editorials

Samsung QLED TVs Now Officially Certified for Real Quantum Dot Technology

Trump’s Tariffs Will Be the End of Affordable Tech

5 Ways to Prep Your Tech for Resale

The Weaponization of PDFs: How Cybercriminals Are Exploiting a Trusted Format

Introducing A Brainbox Quiz: Techweez’s Monthly Trivia Night!

5 Most Reliable Virtual Dollar Card Providers in Nigeria

More News

iPhone 17 Air Battery Leak Disappoints Despite Ultra-Thin Design

Tupatane Diani: Kenya Gears Up for Connected Africa Summit 2025

Google I/O 2025: Android 16, Gemini AI, and the Future of Smart Devices

Apple Named World’s Most Valuable Brand in 2025. AI Players Surge in Rankings

Next AirPods Will Let You Control Music Without Touching Them

BURN Secures $5 Million to Bring Clean Cooking to Kenyan Homes

  • Terms Of Use
  • Techweez Brand
  • Privacy & Policy
  • Contact Us

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!

Hey there! Just a heads-up: we're big fans of cookies - both the digital and edible kind! 🍪 We use our cookies and some from third parties to ensure your browsing experience on our site is smooth sailing and secure.

 

But wait, there's more! We also use cookies to gather stats and insights on how you navigate our site. It's like getting a behind-the-scenes peek at your digital adventures!

 

Don't worry, you're in control. You can adjust your cookie settings anytime to suit your preferences. Feeling curious? Dive into our Privacy Policy for all the juicy details. Happy browsing! 🚀

Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
No Result
View All Result
  • News
  • Reviews
  • Features
  • Editorial
  • Automotive
  • Entertainment

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.