Crypto in Africa: Blockchain transforms farming, Kenya moves closer to regulation

By Dennis Wafula July 13, 2018


Accepting blockchain and its technologies has not been an easy task in Africa. However, the technology is slowly making headway in the continent. In particular, the farming industry has seen significant growth in the recent months due to blockchain technology.

The Olam Farming Information System (OFIS) has helped many farmers maximize farm products in Africa, Asia, and South America. OFIS is an organization that helps farmers get information that will help them manage and make proper use of the available land. It also supplied farmers with ingredients they need for farming. The organization uses blockchain technology to collect information and also make correct recommendations on which products to use. In addition to getting farming information, farmers make payments and receive money through cryptocurrencies.

Kenya moves closer to cryptocurrency regulation

Kenya has been in the vanguard of testing blockchain and its related technologies. The country has had numerous startups, crypto conventions and even has a Bitcoin ATM installed in Nairobi. The continuous increase in cryptocurrency activities has caused the government to take action. During a parliamentary seating, the Kenyan Parliament ordered Treasury Secretary Henry Rotich to investigate whether the crypto industry in the country needs to be regulated or not. The Kenyan Parliament gave Rotich two weeks to conduct the research.

Members of the Finance and National Planning Committee reportedly asked Rotich why the Treasury and the Central Bank of Kenya “allowed people to venture into the unregulated cryptocurrency space without being licensed to operate and taxed,” according to Business Daily Africa.

Reserve Bank of Zimbabwe embraces blockchain tech

After months of fighting cryptocurrency adoption in Zimbabwe, the Reserve Bank of Zimbabwe (RBZ) might soon be embracing these technologies. While speaking in Alpha Media Holdings’ Banks and Banking breakfast, RBZ Gov. John Mangudya said the country was ready to embrace blockchain technology.

He added that it is time the country took part in blockchain and what it has to offer. He further added that Zimbabwe as a country wants to join other countries across the globe in the blockchain market.

Mangudya stated that there is a lot of research and education that needs to be done before the country can fully embrace this technology. He believes that understanding the technology will help the country make proper decisions in the future. It is not yet clear when the Zimbabwean government will start making decisions to embrace blockchain and its technologies. However, this is good news to many cryptocurrency and blockchain enthusiasts in the country.


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