Africa has been at the forefront of cryptocurrency innovation, with Ghana, Nigeria, and South Africa respectively creating more hospitable environments towards digital currency through new regulations and legislation, as well as creating a welcoming atmosphere for fintech startups and blockchain-based systems. Now, Cointelegraph reports that members of a Kenyan entrepreneurs’ network can use stablecoins to pay for entry to golf tournaments.
Kenya’s Young Entrepreneurs Network (YEN) has created an unusual new stablecoin called the Young Entrepreneurs Network Token (YENTS). The YEN organises regular golfing fixtures to encourage networking and mingling amongst the country’s booming entrepreneurial youth. The YENTS stablecoin has begun testing in Kenya’s regulatory sandbox. However, there is still much development to take place before the token’s intended launch in November 2020.
The Africa Report further notes that the challenges brought about by the blockchain-based YENTS token highlights the need for comprehensive cryptocurrency regulations in Kenya and in Africa as a whole. YEN CEO Kamau Nyabwengi says that the token will initially serve network members for training or participation in sporting events.
Nyabwengi hopes to incorporate the token into an investment in a planned golf estate within the next 18 months. He has encouraged blockchain, viewing it as a safe and efficient way to limit third-party interactions with capital and payments.
YENTS is intended to be backed on a 1:1 basis with the Kenyan shilling or the US dollar equivalent. Nyabwengi further argues that increased welcoming regulations to cryptocurrency and blockchain could result in further adoption of cryptocurrency into the country’s economy, making it more efficient and inclusive.
Meanwhile, AMB Crypto reported that Kenya ranked fifth in the world for crypto adoption.