Kenya blockchain technology enthusiast Isaac Muthui has committed some 15 million Kenyan shilling ($148,050) into the development of Africa’s first cryptocurrency, the Nuru coin.
This currency offers a comprehensive Intra-African trading platform complete with its own integrated payment system
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Already the Nuru coin has over 5,664 investors .
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According to the Nuru’s website, the coin has been developed using ethereum blockchain.
Currently, Africa trades with the rest of the world at 66 percent but only trades with itself at 11 percent.
According to the CEO Isaac Muthui, nurucoin is poised to help the SME market in Africa achieve an active part of the growing cross border trade by solving some of the payment issues hampering the continent’s growth.
“The world is currently gravitating towards block chain technology. We have come a long way from internet of information where we exchanged information, and then we went to internet of things where people could use the internet to exchange things, ‘artificial intelligence’.
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Nurucoin is an African currency made by Africans to create an inclusive ecosystem for the unbanked population in Africa to become part of a formal economy, he adds.
Mr Muthui further says he is more focused on developing the blockchain and not just the cryptocurrency itself.
He says: “Cryptocurrencies, which are digital assets, begin as a way of giving people incentives.
“On the other hand, blockchain are storing records on chronological order. As such, cryptocurrencies cannot survive without blockchains, but block chains can.”
Regardless of the new crytocurrency for Africa, it’s pretty clear that Bitcoin is revolutionary. It went from being magic Internet money that no one knew about to being discussed as a true store of value, providing seamless transfers of money, and potentially providing financial access to those that are unable to get a bank account.
How well will Nuru coin do in this competitive cryptocurrency world?