The year 2020 will be remembered as a turning point for blockchain technology. As governments shut down economies to curb COVID-19, millions turned to digital solutions—including cryptocurrencies. Yet regulatory bodies, from the Biden administration to African central banks, remain wary. In an exclusive interview with Bitcoin.com News, James Saruchera, co-founder and CEO of Kuva, makes a compelling case: the crypto community is not an adversary but a useful ally.
From Hyperinflation to Innovation
Saruchera, a Zimbabwean now based in the UK, witnessed firsthand how hyperinflation wiped out his parents’ pension after 30+ years of saving. “Most people in developing countries are trapped in currencies that lose 10% or more of purchasing power annually,” he explains. This drove him to build Kuva (meaning “to have” in Shona)—a multi-asset blockchain designed specifically for emerging markets. Its flagship product, Kuvacash, allows users to hold, send, and spend value in the most stable currency available.
Early Traction: 10,000+ Downloads, $20M+ Processed
After three years of quiet development, Kuva’s pilot platform has attracted over 10,000 downloads from 75 countries and processed more than USD $20 million in transactions—all via word of mouth. “We’re just getting started,” says Saruchera.
Why Build a New Blockchain?
Critics might ask: why not use an existing chain? Saruchera counters that chains designed in San Francisco or Berlin fail to address “last-mile” challenges in developing regions—such as cash integration, poor internet connectivity, and the need for simple phone-number-based transactions. Kuva’s blockchain bridges cash, blockchain assets, and the global banking system seamlessly, empowering users with full self-custody through their mobile devices.
Regulation: From Fear to Partnership
Saruchera sees a shift in attitude among African central banks—from skepticism to support. He believes blockchain offers superior transparency and traceability compared to cash, making it a powerful tool against money laundering and illicit finance. “The vast majority of crypto users are everyday people who want to send their kids to school. They have no problem with reasonable KYC processes,” he says. “Regulators should see us as allies who share the same goal of consumer protection.”
Public-Private Partnerships for CBDCs
On central bank digital currencies, Saruchera emphasizes that virtually all technical blockchain expertise resides in the private sector. Government investment in this strategic domain is minimal. For CBDCs to succeed, cooperation between public institutions and private innovators is essential.
A Partial Solution to Currency Depreciation
While blockchain alone cannot fix currency depreciation—since even USD stablecoins lose value with the dollar—Kuva’s multi-asset architecture allows users to switch seamlessly among currencies. This flexibility is crucial for preserving purchasing power in volatile economies.
Saruchera’s message is clear: the crypto industry is ready to work with regulators, not against them. By embracing transparency and collaboration, blockchain can fulfill its promise as a transformative force for global financial inclusion.