Entrepreneurs in Kenya are looking to build golf course using Blockchain and stable coin backed by real currency highlights the regulatory challenges facing African governments.
The Young Entrepreneurs Network Africa in Nairobi is developing a stable coin known as the YENTS (Young Entrepreneurs Network Token), with the launch planned for November. The coin will initially be used within the network to pay for training or participation in sports events, says the network’s CEO Kamau Nyabwengi.
He plans to extend its use to allow investment in a planned golf course in Kenya within about 18 months. “Blockchain can help move products from the supplier to the consumer,” Nyabwengi says. “It allows more efficiency and eliminates middlemen.”
Blockchains work as decentralized databases that record digital transactions in the absence of any central administrator. They are used for crypto-currencies such as Bitcoin, or for a wide range of other uses, such as delivering government services and establishing legal claims over land. Transactions are visible to anyone within the network.
Stable coins are cryptocurrencies that are backed by a reserve asset. YENTS will be backed 1:1 by the Kenyan shilling or equivalent US dollar amount