YENTS, an unusual stablecoin developed by the Kenya’s Young Entrepreneurs Network (YEN), has entered into testing under the local regulatory sandbox.
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.
The network’s CEO, Kamau Nyabwengi, told The Africa Report that YEN intends to launch the token in November, and hopes to use it to accept investments into a planned golf course.
While the YENTS token has began 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…