From the 22nd of May to the 24th of May 2018, financial analysts, financial advisers, regulators and investors from Kenya convened for a three-day workshop at the Kenya School of Monetary Studies.
Organized by ICIFA in conjunction with Kasneb, CMA, and NSE, the Investment workshop focused on the growing influence of alternative investments with a special focus on cryptocurrencies and FX Online trading. The workshop featured experts like Paul Musembwa, CEO at WARP Developments, Sean Fenton, Associate V.P at Morgan Stanley and, Haille Mussie CEO/Founder at RevoltCypher.
Central Bank of Kenya Stand on Crypto-Currencies
Dr Patrick Njoroge, governor at the Central Bank of Kenya, was the guest speaker at the Investment Workshop where he reaffirmed the Central Banks position towards cryptocurrency, stating;
“The Central Bank of Kenya is not against crypto-currency, we are more concerned with the risks associated with cryptocurrencies and how they can be mitigated.”
ICIFA created a platform for investors, financial analysts and regulators to discuss, debate and demystify emerging investment products like cryptocurrencies and FX online trading in Kenya.
“Some of these products and vehicles have gained major traction and can no longer be ignored,” said FA Job Kihumba, Chairman at ICIFA, in his opening speech.
[VIDEO] Job Kihumba, Chairman of @ICIFAKENYA provides some insight into how @CMAKenya is looking at regulation of digital currencies like #Bitcoin in Kenya. https://t.co/pavNSWljB3 @BlockchainKenya @KenyaBankers @bankelele @CBKKenya @KenyanWalstreet @alykhansatchu @SokoAnalyst pic.twitter.com/EzKNFPq3Ik
— Bitcoin Kenya (@BitcoinKE) May 19, 2018
However, of particular interest to you dear reader, may be the presentation prepared and delivered by Mr Mussie Haile , an Eritrean-born blockchain expert who studied in Kenya and America. Mr Mussie’s primary concern at the workshop was to share use cases on how blockchain and cryptocurrencies can disrupt markets in Kenya.
“We are all fascinated by cryptocurrencies, but that’s not where the money is, the real potential lies in the technology behind bitcoin, which is blockchain.” Said Mr Mussie.
True to his words, everywhere you look there’s more talk about bitcoin’s exponential rise, than the underlying technology – blockchain. As the founder of a Blockchain-As-A-Service company, RevoltCypher, Mr Mussie gave an insightful presentation on the various applications of blockchain technology in the Kenyan Financial space.
Get to The Future First, It Matters
The future is hard to predict, but rather than wait and see how the landscape may settle, Mr Mussie urged investment advisors to consider investing in blockchain technologies as well as partner with blockchain companies for purposes of consolidating and expanding their service portfolio, value adds and carving out new roles.
At the end of the three-day workshop, the key lesson for all present was that investing in bitcoin is not investing in blockchain technology. In fact, when you think about it, owning a bitcoin only means having an electronic document stating you have a bitcoin.
On the other hand, investing your money on profit-making companies that are looking to harness blockchain technology rather than speculating on crypto has higher chances of yielding a return.
Think of it like buying gold mining companies versus the gold itself. However, this too has created challenges in the market.
Here is the Chairman, ICIFA, talking about regulation in the space:
[VIDEO] Can regulation truly help the crypto and Blockchain space in Kenya? Job Kihumba, chairman, @ICIFAKENYA explains why regulation might actually help the industry. @BlockchainKenya @BithubAfrica @Cointelegraph @blockchainug @CMAKenya @KenyanWalStreet @Bankelele @KenyaBankers pic.twitter.com/Qicz1RMNOJ
— Bitcoin Kenya (@BitcoinKE) May 21, 2018