March 28, 2024

Kenya creates new stablecoin

Kenya's Young Entrepreneurs Network (YEN) has developed an unusual stablecoin YENTS, which has successfully passedtesting with a local regulatory sandbox.

It should be noted that YEN organizes tournaments ingolf among Kenyan entrepreneurs. It is in order to facilitate their interaction that the stable digital coin was created. It will be used to pay for sports events.

The general director of the Kamau Nyabwengi network saidto The Africa Report that YEN intends to launch the aforementioned token in November and hopes to use it to make investments in another golf course.

Despite the fact that the YENTS token has already passed the firsttesting phase, the head of YEN argues that they need to make big changes in the regulations. In his opinion, without these changes, the full use of the token will be impossible:

“Blockchain can help move products from supplier to consumer. This improves efficiency and eliminates intermediaries. "

In addition, the network of entrepreneurs wants to expand its influence in international markets. To achieve its goals, YEN must work with regulators outside Kenya.

In a recent report published by Smart Africa,it is argued that the continent needs common rules that transcend national boundaries to foster a robust pan-African blockchain sector.

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