Cryptocurrency network Bancor has declared on June 18 about the run of “blockchain-based community currencies” in Kenya. As an official statement from the company claims, the currencies have been deployed to “[combat] poverty through the stimulation of local and regional commerce and peer-to-peer economic collaboration.”
The currencies will be supported with money grew during Bancor $153 million ICO in June of last year. The initiative will be controlled by Will Ruddick, Bancor’s Nairobi-based Director of Community Currencies. Before this position, Ruddick constructed Grassroots Economics, a nonprofit that creates community currencies. Presently the nonprofit is serving more than 20 schools and 1,000 local businesses and works in partnership with the Kenyan government.
Communities should be afforded the same privileges as nations to develop their own prospering economies with the stability of their own currencies.
Director of Community Currencies, Bancor
Ruddick and the team at Grassroots will apply Bancor’s protocol in order to expand Grassroot’s existing paper currency system into a blockchain-built network. Firms from around the world who boost this initiative will be able to acquire and sell local currencies using major cryptocurrencies or credit, making it possible to rise the value of the community currencies from afar. The project will be initially piloted in Kibera and Kawangware, characterized by Bancor as “the two largest underserved neighborhoods in Kenya.”