Kenyan UN mission commends local blockchain-based anti-poverty initiative – Blockchain Bitcoin News

The United Nations (UN) Mission in Kenya recently commended a local blockchain-based Community Inclusion Currency (CIC) initiative for its contribution to reducing poverty in one of the country’s poor informal settlements. The moods of the mission follow a tour of the informal settlement of Mukuru conducted by its resident coordinator Stephen Jackson. In a tweet, the mission praised the e-voucher system anchored in the Sarafu blockchain for helping “vulnerable households gain access to basic needs”.

An alternative medium of exchange

In another tweetThe UN Kenya also praised the residents of the informal settlement for their acceptance of Sarafu’s blockchain-based e-voucher system. The world panel added that by using this trading system, the informal settlement of Mukuru “promotes the local circular economy and reduces poverty”.

According to previous statements attributed to Will Ruddick – one of the co-authors of a white paper explaining the novel monetary system – CICs are stocks that “act as a medium of exchange.” Another report explains that during times of economic turmoil and hyperinflation, these currencies also act as stores of value.

Meanwhile, on his own tweet on June 16, Ruddick explains again how blockchain-based e-vouchers can be useful in difficult economic times. He said:

Sarafu is a common currency that communities can trade with each other when the local currency is scarce. It uses an application-specific Bloxberg blockchain as a backend ledger with a USSD interface for people without the Internet.

Strengthening marginalized communities

The Sarafu CICs – originally anchored in the Bancor Protocol – are championed by Grassroots Economics, a Kenyan non-profit foundation that seeks to empower disadvantaged communities. On its website, the foundation says it has “implemented community currency programs in 45 locations across Kenya and supported 2 in South Africa”. In addition, the foundation claims to have “helped more than 40,000 small businesses, churches and schools take an active role in their own economies and development”.

In the meantime, the Sarafu-CIC initiative has not only received recognition from the UN resident coordinator, but also support from the Kenyan Red Cross.

What do you think of the Sarafu CICs? You can share your views in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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