In what is termed Community Inclusion Currency CIC, Kenyan farmers are selling their produce, purchasing fertilisers and farming inputs with cryptocurrency designed for their community.
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An American economist, Will Ruddick, introduced blockchain technology for low income urban customers and has extended the cashless system model to farming communities in the countryside.
Voice of America interviewed one of the farmers who is using the cryptocurrency called Safu to sell his vegetables and buys supplies with using cash. Emmanuel Kahindi, the 26 year old Kenyan farmer said, ” Sarafu helped me a lot, he said, especially because it makes me save my money, my Kenyan currency. He said he uses Sarafu to purchase things for the garden like seeds and fertilizer.”
According to Ruddick,” Sarafu works like vouchers that can be exchanged for goods or services of other users of the currency. Anyone with Kenyan mobile phone line can enroll. Users are given 50 Sarafu for free. After that , they earn coins by selling a product or services to another user.
On the solutions cryptocurrency is providing for these farmers Ruddick said, ““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. People say look, the national ledger system, the national currency it is not available for us. We can’t measure our trade in this thing. ” Farmers gets purchase request and deliver their produce and receive cryptocurrency payment called Safu.
Bitange Ndemo a senior lecture at the University of Nairobi said that such community focused inclusive currency has the potential to be replicated all over Africa.