Kenyan Activists Say Cryptocurrencies Have the ‘Potential to Create New Ways for Young People to Earn’ – Featured Bitcoin News

Some activists based in Kenya claim that raising funds via cryptocurrency or non-fungible tokens sales (NFT) is faster and cheaper than traditional methods. The activists added that digital currency also has the “potential to create new ways for young people to earn, spend, save and send money.”

The traditional funding channels are drying up

After traditional funding sources were cut off by the Covid-19 pandemic, activists from Africa used cryptocurrency to raise funds. The raised funds have in turn ensured the sponsorship of activists’ welfare work continued unhindered by pandemic-related challenges.

While cryptocurrency is still relatively new to activists, a director for a nonprofit based at the Kenyan slum of Kibera has been quoted in a Thompson Reuters Foundation Report claiming that it’s a more efficient way to raise money.

“Raising funds through cryptocurrency was something new for us. But it is now going to inform how we implement our social welfare activities because we have seen how fast we can move on fundraising,” explained Byrones Khainga, the director of technical services at Human Needs Project.

According to the report, Khainga’s Human Needs Project was involved in installing a plastic-made sculpture depicting a giant tap. The sculpture was created by Benjamin Von Wong an artist/activist — who has raised funds by selling NFTs — and Degenerate Trash Pandas, a Kenyan NFT community advocating against plastic waste. They reportedly raised $110,000 together via NFTs, which were then used to install the massive plastic sculpture.

Crypto reduces entry barriers

Besides being a faster way of raising funds, “crypto [also] reduces barriers of entry” said to Roselyne Wanjiru, a researcher at the Blockchain Association of Kenya. Roselyne Wanjiru, a researcher at the Blockchain Association of Kenya, says that this technology is being adopted by more individuals and companies.

Scott Onder is a Mercy Corps Ventures senior managing director who explains why cryptocurrencies work better to move funds between countries. He stated:

This costly obstacle is removed by cryptocurrency, which has the potential of creating new opportunities for young people to save, earn and spend money.

Although critics frequently point out the inefficiency of cryptocurrency like bitcoin, Big Mich (a Kenyan choreographer, and youth trainer) said that there are many positive aspects to technology. For Von Wong, any fundraising approach which makes it easier to move capital more quickly and cheaply “is always a good thing.”

To receive a weekly update about African news, sign up here

Let us know your opinions on the story. Please comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.