Bitcoin enters Kenya's Kibera slum, creating risks, rewards

Bitcoin is being introduced into Soweto West, a neighborhood within Kenya's Kibera slum, as a means of financial inclusion, with some residents and merchants now using it. AfriBit Africa, a Kenyan fintech company, initiated the project by providing crypto-denominated grants to local garbage collectors, who then spread its use. Approximately 200 people in the community now use bitcoin, with some merchants accepting it as payment. While proponents see bitcoin as a tool for financial freedom, experts warn of risks due to its volatility and lack of regulation, especially for vulnerable communities. The project faces challenges, including legal and regulatory hurdles within Kenya's digital asset sector.