Kenya: Cryptocurrency Booming Among Kenyan Farmers
Cryptocurrencies make headlines for shaking up the financial world, but they are also gaining ground in less developed countries, writes Ruud Elmendorp at AllAfrica. In Kenya, an American economist, who introduced blockchain technology for low-income urban customers, has extended the cashless system to the countryside.
On a lush green farm in Kilifi on Kenya’s tropical Indian Ocean coast, 26-year-old farmer Emmanuel Kahindi is harvesting tomatoes and other vegetables. He is using Kenya’s cryptocurrency, Sarafu, to sell his vegetables, and to buy supplies without having to use any cash.
Sarafu helped me a lot, he said, especially because it makes me save my money, my Kenyan currency. He said he uses Sarafu to purchase things for the garden like seeds and fertilizer.
Sarafu coins work like vouchers that can be exchanged for goods or services of other users of the currency. Anyone with a Kenyan mobile phone line can enroll. Users are given 50 Sarafu for free. After that, they earn coins by selling a product or service to another user.
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