Kenya: Learn how farmers save money with the use of digital coins

Kenya: Learn how farmers save money with the use of digital coins

LIFESTYLE | Jul 28, 2021 | WOZINGA NEWS

Kenya: Learn how farmers save money with the cashless blockchain system

  • Kenya — Farmers use the cashless blockchain system for payment and purchase. 

  • Will Ruddick, an American economist, introduced the system for low-income urban customers. 

By Marielle Petere Wozinga Journalist

Kenya: Learn how farmers save money with the cashless blockchain system

Kenya is one of the less developed countries. On the other hand, some Kenyan farmers use the cashless blockchain system for payment and purchase. 

Without a doubt, the country has bountiful natural beauty and elegance. Likewise, the community is persistent when preserving the resources and the heritage. 

Interestingly, there are farmers in the countryside of Kenya that use the Sarafu digital coins. With its alternative monetary system, the report stated that many have fiat currency savings. 

System for low-income customers in Kenya

In this case, an American economist introduced this system for low-income urban customers. His name is Will Ruddick. Ruddick aims to fill the fiat currency gap. 

Ruddick commented, “I think that’s where there is the most chronic lack of national currency.” “So, I think what’s happening, we’re filling a gap.”

Moreover, Stephen Jackson is the UN resident coordinator. He gave commendation for initiating CIC. Furthermore, the Red Cross in Kenya gave praise to the blockchain anchored e-voucher system. 

Speaking of community inclusion currency (CIC), it is a strategy to allow people to give or take credit without depositing Kenyan shillings or any other fiat currency in a bank.  

Farmers use Sarafu digital coins

Based on the explanation of a media outlet, VOA, Sarafu is a virtual coin that functions like vouchers. It means a person can use Sarafu coins in exchange for goods or services to other coin users. 

It is via blockchain technology. Several people in Kenya utilize it as an alternative payment or cashless system. 

The main requirement is the mobile phone. So, a person can enroll and be a certified user. 

Once a person is already a “user,” he will receive 50 Sarafu for free. Then, the alternative payment system goes on. 

For instance, a farmer wants to sell products such as fertilizers and seeds. Instead of using Kenyan currency, he will accept Sarafu coins. So, he earns digital coins by selling.

Do you agree with the cashless system using digital coins?

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