Blockchain revolutionizing community currencies
A group of development scholars is proposing what
they term community inclusion currencies (CIC)�which are anchored on the
blockchain technology�as a new and revolutionary way of tackling poverty that
afflicts African communities that dwell in rural places.
New medium of exchange
According to these scholars, CICs are shares or a form of community credit that acts as medium of exchange in communities where national fiat currencies are in short supply. In that sense, the proposed CICs are potentially a tool that can used to narrow the financial exclusion gap.
Will Rudnickâone of the scholars who co-authored the whitepaper document explaining the CICsâtold Africa Blockchain Media that they see the novel currency as tool for leveraging existing capital into a share structure. Rudnick explains:
âCICs are essentially shares acting as a medium of exchange. When applied to larger businesses and industries I would call them an industrial credit of sorts.â
Rudnick further explains that such CICs can be extended to include marginalized communities in urban areas. He cites an ongoing project in Nairobi, Kenya where a non-government organization is attempting to do the same with United Nations Environment Programme (UNEP) supported recycling plants.
African countries are often plagued by poorly performing currencies, a phenomenon which ultimately result in loss of value or wealth. Therefore, for the proposed CICs to be seen, not only as a tool that helps local economies to thrive, but also as an avenue to shield value in times of economic turbulence and hyperinflation, such currency
Posted from my blog with SteemPress : https://africablockchainmedia.com/news/blockchain-revolutionizing-community-currencies/2019/12/20/