Low awareness levels hindering growth of digital currencies

Unclear regulatory framework and low awareness levels are hindering the growth of digital currencies in Kenya.

Certified financial advisors say Kenya whose estimated digital currency market stand at 160 billion shillings stands to benefit more if the necessary legal tools are developed.

Last month, the government formed a block-chain and artificial intelligence taskforce to help develop a road map for the technology.

Ten years since the digital currency wave hit headlines, world economies are yet to come to terms with the technology that threatens the global financial patterns.

Even in the developed world, the bitcoin and cryptocurrency mania remains a mystery to many.

Here in Kenya, the digital currency space has created new millionaires with the Kenyan space bubbling with cryptocurrency miners.

The Certified Financial Analyst Society says Kenya has one of the biggest digital currency market in Africa, standing at about 1.6 billion dollars.

The society says Kenya stands to benefit more if proper regulations are developed to guide the industry.

Last month, the ICT ministry formed a taskforce to advise the government on adoption of the block-chain technology and the artificial intelligence.

Capital Markets Authority chief Paul Muthaura told the Certified Financial Analyst society that the regulator is studying the new technology with the aim of understanding how the trade can be incorporated in the local capital markets.

Last year the Japanese parliament voted to recognize bitcoin as official currency becoming the first country in the world to adopt the currency and giving the trade a major boost.

Other countries are studying the bitcoin wave to see whether it is a bubble and how to contain it.


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