Africa has its own cryptocurrency the nurucoin
GETTY Introducing Africa's cryptocurrency the nurucoin
Isaac Muthui, a computer science graduate, has invested 15 million Kenyan shilling into the development of the first African cryptocurrency. Nurucoin’s pre-sale goes live in 11 days and currently has 5,664 investors. Nurucoin has been developed using ethereum’s blockchain and Mr Muthui hopes once the coin is in use, African countries will trade more with each other. Currently, Africa trades with the rest of the world at 66 percent but only trades with itself at 11 percent.
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According to its website, nurucoin is positioned to help the SME market in Africa achieve an active part of this growing cross border trade by solving some of the payment issues hampering the continent’s growth. Mr Muthui said: “The world is currently gravitating towards block chain technology. We have come a long way from internet of information where we exchanged information, and then we went to internet of things where people could use the internet to exchange things, ‘artificial intelligence’. “Now we are currently in the internet of finding which is characterised by block chains – storing information in a decentralised format.” But Mr Muthui did explain he is focusing more on developing the blockchain and not just the cryptocurrency itself.