The government is examining the blockchain to stop illicit cash transfers according to President Uhuru. Speaking at the Chatham House in London on Tuesday the President said the government is looking at ways it can regulate blockchain technology and crypto-currencies to stop illicit cash transfers.
“We are hoping within the next couple of months that we should be able to experiment and see if [the blockchain] is something that can bear fruit. […] We are eager to find new ways to enhance the use of technology to deliver services to the people,” he stated.
The President’s comments come after the Central Bank of Kenya governor, Dr Njoroge issued a circular to banks cautioning them against doing business with companies dealing in cryptocurrencies. Additionally, his comments are aligned with the government’s establishment of the blockchain and AI taskforce that will give the government recommendations on how it can use emerging technologies in the next five years.
-KWS
