The United Nations in Kenya (UN Kenya) has shone a spotlight on the impressive results coming from the adoption of Sarafu blockchain currencies currently being used to support vulnerable households’ access to basic needs.
The project, in partnership with the Kenya Red Cross and with support from the Danish Red Cross, employs a hybrid approach of unconditional cash transfer and the Sarafu Community Inclusion Currencies (CICs) to support livelihood recovery of communities who have been affected by the outbreak of the COVID-19 pandemic.
SEE ALSO: The Kenya Red Cross Launches a Token-Driven Basic Income System after the Success of the Sarafu Blockchain Community Currency
UPCOMING WEBINAR [JUNE 26, 2021]
Following the success of the recovery program, in 2021, the Kenya Red Cross, in conjunction with the Danish Red Cross and Grassroots Economics, launched a basic income system called Sarafu Network to distribute the blockchain-based Sarafu token to anyone in Kenya.
According to the United Nations (Kenya):
“Residents have embraced the Sarafu #blockchain based evouchers system to buy and sell goods and services within Mukuru informal settlement, encouraging local circular economy and reducing poverty levels.”
– United Nations, Kenya
In 2018, BitKE highlighted the project while it was still in its nascent stages. 3 years later, the project has matured and stands as a testimony to the practical use case of blockchain in enabling financial inclusion especially across Africa.
Sarafu is a Community Inclusion Currency that communities can use to trade with each other when national currency is scarce. It utilizes an application specific blockchain http://bloxberg.org as a backend ledgar with a USSD interface for people without internet.
RECOMMENDED READING: [VIDEO] Community Currencies in Action – How Sarafu Credit is Used in Nairobi, Kawangware
Follow us on Twitter for latest posts and updates
Join and interact with our Telegram community
Subscribe to the channel below to keep updated on latest news on video:
Open a Bizlato Bitcoin Trading Account to get started!