Cryptocurrencies are a widespread subject of discussion. These continue to attract the attention of the investors, but especially of the governments. More and more countries are trying to educate their citizens, explaining the advantages and disadvantages of the digital assets.

Kenya is setting up a task force!

Kenya is the next country that plans to take measures against the risks that may appear while using the blockchain-based platforms. That’s why, the government is preparing to launch a task force in order to analyze the benefits and negative consequences of crypto assets and blockchain technology.

The Kenya’s President- Uhur Kenyatta has expressed his opinion about the blockchain technology, saying that Kenya should not exclude this development option. He believes that a poorly developed country is likely to benefit significantly from the digital revolution.

“It is true that the previous industrial revolutions have passed us by. This time, I hope the fourth industrial revolution driven by digital transformation will not leave Africa behind”, said Uhur Kenyatta.

The necessary information about the future task force will be reported within hours and is expected that measures will change the financial future of Kenya. The government’s applications will focus especially on two primary sectors that Kenya wants to develop: education and land sector.

The task force should be complied to members based in both public and private sectors that show a high sympathy to blockchain technology. The users who are already involved in the digital technology and those who know its bases and have a specific background will be considered as priority.

The Capital Markets Authority warns the society

The announcement about the task force came alongside the worries presented by the Capital Markets Authority (CMA) in Kenya related to the negative consequences of the investments made in crypto assets. Their reasons were that digital coins are speculative and unregulated.3

The Central Bank of Kenya has also expressed his negative view related to cryptocurrency, saying that “they are risky investments due to the lack of legal framework in the country”.

Even though the Kenyan President has tried to show the benefits that the country can gain from embracing the blockchain technology, the public institutions remain cautious about virtual currency. There is still no information about the further measures that Kenya will take.