Bitcoin has made considerable ground particularly in the African region where its use has been undeniable. From, being ideal as a form of remittance and also becoming integral to various economic activities, the World bank has officially announced its decision to promote and encourage the use of block chain technology in Kenya. In a form similar to its im0lication in other countries the world bank aims to issue bonds to civilians in Kenya but making use of Blockchain technology to make the entire infrastructure open and mobile.
The project has been named M Akiba and already accumulating over $1 million in funding the project as over 78% of the target number of shares was sold with over 92000 people taking active part in the fundraising round. Also being tax free the bond claims to promoteâ€savings and investment cultureâ€.
“The team has proposed to support them with market research on … assessing the use of fintech technology, particularly distributed ledger â€“Blockchain to simplify the platforms backing the system. The research is already planned … and is awaiting the approval of the PDMO.”
– World bank report
To conclude the implications Blockchain technology can have on bonds in the country is huge. The world bank has already invested well over $37 million n securing the financial prospects of Kenyans, and this will mark its latest development to help the economy grow effectively improving the situation for even the poorest of civilians who can benefit from the potential growth in bonds. A similar project has been trialled in Australia backed by the commonwealth bank and treasury to some success, implicating the Blockchain’s transparent and efficient nature as particularly beneficial in this form of trade.