Kenya’s Golf Stablecoin YENTS Enters Into Testing Under Local Regulatory Sandbox
Kenya’s Golf Stablecoin YENTS Enters Into Testing Under Local Regulatory Sandbox
September 30, 2020
Kenya’s Golf Stablecoin YENTS Enters Into Testing Under Local Regulatory Sandbox
Kenya’s Golf Stablecoin YENTS Enters Into Testing Under Local Regulatory Sandbox
September 30, 2020

YENTS, a stablecoin developed by Kenya’s Young Entrepreneurs Network (YEN), has entered into testing under the local regulatory sandbox.

It has been reported that YEN, which organizes golfing tournaments to facilitate networking opportunities for Kenyan entrepreneurs, plans on initially using the stablecoin as a means of payment for sporting events and training programs.

Kamau Nyabwengi, the CEO of the network, said that YEN intends to launch the token in November, and hopes to use it to accept investments into a planned golf course. 

However, while the YENTS token has begun testing in Kenya’s regulatory sandbox, Nyabwengi argues that significant regulatory changes still need to be made to allow Kenya’s economy to fully capitalize on the benefits presented by distributed ledger technologies.

He said:

“Blockchain can help move products from the supplier to the consumer. It allows more efficiency and eliminates middlemen.”

He believes that blockchain is an ideal way to aggregate small-scale pooled funds for investment, bypassing Africa’s notoriously exclusionary banking sector, and democratizing access to the financial markets.

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Also, he aims to expand YENTS into other markets within the region and will need to also deal with regulators beyond Kenya.

Thus, a recent report published by Smart Africa asserts that shared regulations beyond national borders are required on the continent in order to foster a robust pan-African blockchain sector.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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