Tech experts welcome digital currency plan



in a bridge reports in by citizen TV last week the 11-member task force formed in February on blockchain technology recommended the introduction of a digital currency to facilitate transactions this as part of its wider plan on the blockchain technology adoption a move that has been welcomed by technology experts but with reservations it's the process that matters actually at this point the idea is ingenious but the process also matters because when you're talking about digital currency and implementing a blockchain based systems there are a few architectures or just the way you're supposed to build the system that matters way to actually make sense the proposal by the task force if adopted would see the central bank of Kenya develop the currency and monitor its use as part of keeping it in check this however Moutai who also mines cryptocurrency says may muddy the water instead of the central government running the entire system think about it the outsource it to like 10 or 50 different companies to run their servers but they have no control of these servers so it means that if any corruption takes place in between it can be detected by these other companies helping the central bank run the system and they can actually even mitigate it and fix it prior to that so it reduces corruption to a very modern major scale and that's why I'm very much interested in Kenya actually implementing it speaking to citizen television last week chairman of the taskforce bitanga and Mo said such a plan would also be backed up by a trusted identity to enable encrypted and to end data a trusted identity means that when government gives like housing where where they are going to build affordable housing nobody can tamper with the identities we have sometimes your birth certificate has no relevance to ID to your passport your drive alliances those who be collapsed together the task force has also recommended the introduction of a local form of cryptocurrency to create value out of local creativity see the use of cryptocurrencies locally has previously drawn the ire of the cbk which insists that Kenya is not yet ready for such trends the recommendations must however be approved by the ICT cabinet secretary Joe massara before the release of the final report by the end of the month momoiro a monday special

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