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.
An odd Kenyan stablecoin for golfing tournaments highlights the need for pan-African regulatory standards for crypto https://t.co/NENrAuEF2a — Cointelegraph (@Cointelegraph) September 29, 2020
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.
“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.
Also, he aims to expand YENTS into other markets within the region and will need to also deal with regulators beyond Kenya.