Kenyan farmers turn to cryptocurrency as local currency grows in popularity

The growth and popularity of cryptocurrencies continues to grow in Kenya, with the country’s rural farmers the latest group to use financial technology. As the report notes, some farmers in rural Kenya now accept cryptocurrency as payment, while others use it to buy important goods.

Sarafu helps farmers save money by using cryptocurrency
According to the VOA media report, one of the reasons this alternative currency system has become popular is that it allows users to keep their savings in Fiat currency. For example, the report shows Emmanuel Cahindi, a 26-year-old farmer in Kilifi, Kenya, explaining how this new monetary system is being used. He said the Oracle:

“Sarafu [the cryptocurrency to be included in the community] has helped me a lot, mainly because it allows me to save my money, my Kenyan currency.”According to the report, the Oracle uses an altar to buy garden products such as seeds and fertilizer.

According to the Voa report, sarafu cryptocurrencies are similar to coupons that can be exchanged for the goods or services of other currency users. Until now, anyone with a Kenyan mobile phone line can sign up to become a user. During registration, users receive 50 sarafu for free. After that, they make money by selling a product or service to another user.

Will Ruddick, an American economist who introduced the system to low-income urban customers, claimed in the report that the digital currency was designed to fill the gap in the Fiat currency. Said::

I think this is the most chronic shortage of the national currency. I think we’re filling the gap. People, look, the national accounting system, the national currency, we can’t be reached. We can’t measure our trade with this thing.

Supporting the growing initiative
As previously reported, News, Initiative to incorporate society into cryptocurrency welcomed

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