A Kenyan government task force has called on ministers to consider tokenizing the economy to clamp down on corruption.
The Kenyan Distributed Ledgers and Artificial Intelligence task force was established earlier this year to focus on blockchain and how the technology could be utilized to improve outcomes in the public sector. The group included local blockchain startups, experts, researchers and members of Kenyan regulatory bodies.
The task force’s chairman, Bitange Ndemo, speaking at an Information and Communication Technology Ministry (ICT) stakeholders meeting with the private sector, has suggested that increasing rates of corruption at the public sector level could be thwarted by reducing the amount of hard currency in circulation by using a token system. He argued:
“We must begin to tokenize the economy by giving incentives to young people to do things which they are paid through tokens that can be converted to fiat currency.”
It was also felt by the task force that a tokenized economy and the issue of a digital currency equivalent to fiat could also be used to fight unemployment. The recommendations are being forwarded to the government by Kenya’s ICT Principal Secretary Jerome Ochieng.
This wouldn’t be the first time that Kenya has called on blockchain as a solution to fighting corruption in the country. A recent plan has been looking at how to fight voter fraud in Kenya’s elections.
The northeast African nation of Kenya has suffered claims of election rigging in nearly every election since the institution of multi-party democracy in 1991. The leader of the opposition party Raila Odinga just last year rejected two of the presidential polls; the first was annulled by the Supreme Court on the grounds of substantial electoral irregularities.
A statement from the Independent Electoral and Boundaries Commission Chairman Wafula Chebukati detailed a potential blockchain solution as providing security for all presidential candidates and allowing them to access and verify the results themselves.
The latest proposal is unlikely to be warmly received since the Central Bank of Kenya issued a circular to all of the country’s banks earlier this year warning them against cryptocurrency use, due to its lack of centralized control and its association with illegal activities.
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