In line with a recent news published by a local media ’Star,’ within the reasonable housing program the Kenyan govt. reportedly aims to create 500,000 units by the year 2022, and assist contributors earning below 100,000 Kenyan Shillings or $992 USD as they can’t afford mortgages. Adding further the news stated, out of the 2.48 Mln Kenyan’s employed in 2016 solely 3.1% attained over Sh100,000.
The Star reports that blockchain technology would be accustomed to ensure the correct distribution of housing to the deserving participants within the program and address problems with graft from each legislators and beneficiaries.
As per the report, the govt. hopes that the new technology would be used to ensure public within the govt.’s housing initiatives, following the National Youth Service scandal, during which forty civil servants and fourteen private sector officers were in remission for pillaging $78 Mln from the project’s coffers.
Speaking at the second urban dialogue on the reasonable housing agenda with the World Bank in Nairobi, Housing and Urban development Principal Secretary Charles Hinga said:
“Kenya would use blockchain technology to confirm the rightful house owners live in the government funded housing projects.”
The project reportedly is supported by the National Housing Fund beneath the Finance Act of 2018, to that Kenyan’s can contribute 1.5% of their remuneration which will be matched by their employers.
This is not the primary attempt to use blockchain in Kenya on the governmental level. Recently, Kenyan Distributed Ledgers and AI task force chairman Bitange Ndemo aforementioned that the govt ought to contemplate tokenizing the economy to handle “increasing” rates of corruption and uncertainties. This move, consistent with Ndemo, would let the govt print less hard cash.
Even Earlier in June, “decentralized liquidity network” Bancor in partnership with non-profit foundation Grassroots Economics launched a network of blockchain-based community currencies in Kenya geared toward combating impoverishment. The project seeks to stimulate native and regional commerce and peer-to-peer activity by facultative Kenyan communities to make and manage their own digital tokens.
While blockchain- and token-based comes are being enforced within the country, the Central Bank of Kenya [CBK] is cautious toward cryptocurrencies. In April, the CBK issued a circular to all the banks within the country, warning them against addressing cryptos or supporting transactions related to crypto entities.