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Global Red Cross partners are working to develop community currencies which will help cash-poor regions grow their own economies suing blockchain technology. www.theexchange.africa

Global partners are working to develop community currencies which will help cash-poor regions grow their own economies using blockchain technology.

The blockchain-based community currencies will be developed by an international partnership to supplement direct cash and voucher assistance programs for vulnerable communities in developing countries.

The two-year project will test, develop and distribute eVouchers, or Community Inclusion Currencies, held in mobile wallets on feature phones in some of the poorest areas where the national currency is scarce.

US$1 billion a year distributed by the Red Cross

The initiative will be delivered by the Norwegian Red Cross, Danish Red Cross, and Kenya Red Cross, together with Innovation Norway, Grassroots Economics Foundation and Sempo, an Australia-based technology firm.

The network will aim to improve the efficiency and effectiveness of the $1 billion a year distributed by the Red Cross in cash and voucher assistance programs by 2020.

“We need new financial solutions …