Digital Currency in East Africa
African Digital Currency Association (ADCA)
Nairobi is now home to the Africa Digital Currency Association. An industry group, the ADCA is a non-profit with the objective of informing and educating the public on digital currency technology. Membership is open to individuals or group; and activities are focused specifically on the East Africa market.
The ADCA aims to promote public awareness and adoption of digital currency technology across the region. The ADCA, recognising that Digital currency offers non-discriminatory access to financial services, is focused on supporting the local market on its potential.
The organisation is new, only came together officially this May. The specific aims of the association revolve around social, education and business goals.
The ADCA seeks to embrace the ethos of digital currencies: open, universal and free. Digital currency enables us to take control of our financial resources and the ADCA recognises that.
The association also aim to inform members of the public about the value and potential of digital currency technology. Recognising that in the early stages of the technology, help and support is sorely needed. Of course, the promise of digital currency for business enterprises across multiple industries is immense. The association exists to help businesses tap into that potential.
Michael Kimani is the Lead Coordinator at the African Digital Currency Association. He is already contributing informative and useful content to the space related to digital currencies in Africa. Kimani advocates bitcoin & digital currencies for financial inclusion in East Africa. He also Blogs on digital financial inclusion, digital currencies, bitcoin & ePayments in East Africa.
In a recent piece on Kipochi and MPesa in East Africa, on behalf of the ADCA, Kimani dealt with a lot of the hype around Bitcoin in this market. In his piece it is revealed that despite the buzz about Bitcoin’s potential in these markets, Bitcoin is still largely unknown in East Africa and Kenya.
Local developers in the Silicon Savannah of Nairobi have little knowledge of decentralized digital currencies and have yet to explore the potential. That does not mean that there isn’t potential for Bitcoin in Kenya, East Africa & greater Africa.
The ADCA believe the greatest potential lies in digital financial inclusion, governance, ecommerce, remittance, international trade, financial markets; & empowering the youth of East Africa access to a global market for their products and services.
Before any of the potential can be realised, it is important to recognise key realities. Specifically, the public needs to be informed and made aware of Bitcoin and its strengths. Developers across East Africa’s widely-touted tech hubs can begin experimenting with the network and build applications around it.
Merchants, entrepreneurs and businesses will need to embrace Bitcoin. All these activities will grow the Bitcoin ecosystem in East Africa. There are massive efficiency gains to be derived from adoption of digital currency technology.
The African Digital Currency Association is dedicated to seeing this through. There are regular Bitcoin meet ups happening in Nairobi over the past 6 months and the community is growing.