In the recent past, most of the information provided by the Kenyan government about Bitcoin and the blockchain technology has been negative. Even the Central Bank of Kenya governor, Dr. Njoroge seemed to warn investors against the acquisition and trading of Bitcoin in the country. However, the recent reappointment of ICT Cabinet Secretary, Joseph Mucheru may be the reprieve needed by the Kenyan Blockchain community.
As one of the youngest and most informed cabinet secretaries, Joseph Mucheru has demonstrated a keen insight into the role that cryptocurrencies and blockchain technology have to play in the development of the country. During a recent interview on Citizen TV, Mucheru acknowledged that ICT cuts across all industries in Kenya and that the Blockchain technology has the potential of solving some of the Kenyan problems that have hindered the realization of the growth targets.
With this understanding, CS Mucheru specifically highlighted the need for Kenya to ensure that it is not left behind. He said, “Even as we look to the future, we should make sure we are not left behind in certain areas. For instance, the blockchain technology or the hashgraphs. We want to be part of that growth”. For many blockchain and cryptocurrency enthusiasts; this is a promising statement indicating the commitment of the cabinet secretary and the Kenyan government to accept bitcoin and the blockchain technology.
When queried on whether Bitcoin is a pyramid scheme based on Dr. Njoroge’s recent comments, Mucheru gave some insightful tidbits. He said, “Bitcoin is similar to the internet. It cannot be regulated.” He said the only thing that can be regulated is what the companies involved in the industry do. CS Mucheru shows a unique understanding of how the cryptocurrency industry works.
CS Mucheru went further to explain that Bitcoin is both a store of value and a payment mechanism. As the demand increases, the prices increase in kind. This does not mean that it is a pyramid scheme. He went as far as stating that the Central Bank has a role, but there is a need to deliberate on the different regulations that will be used. He said, “Whether we want to be part of it or not, it is not our choice. The world is already moving in that direction. “
An example he gave is how the education sector can be developed in a way to ensure that the authenticity of examinations can be guaranteed. He said that he was willing to work with other Cabinet secretaries, for instance, the education ministry to digitize the examination process using blockchain technology to ensure that examinations can be done and the results obtained in less than one day. He pointed out that this is achievable if the Education ministry adopts the blockchain technology.
He specifically highlighted that adoption of technology is the only way that Kenya can maintain its lead ahead of others in the region. This is promising for the blockchain and cryptocurrency communities. They at least know that there is one person in the executive who understands the potential that blockchain holds for the country. The future is definitely bright for the Kenyan blockchain community. With CS Mucheru at the helm of the ICT sector, there is a lot to look forward to.