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Bancor Launches Community Currencies Initiative in Kenyan Neighborhoods

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On June 18, ryptocurrency network Bancor has announced the launch of what are described as “blockchain-based community currencies” in Kenya. According to an official statement from the company, the currencies have been developed to “[combat] poverty through the stimulation of local and regional commerce and peer-to-peer economic collaboration.”

The currencies will be seeded with money raised during Bancor $153 million ICO in June of last year. The initiative will be supervised by Will Ruddick, Bancor’s Nairobi-based Director of Community Currencies. Prior to this position, Ruddick built Grassroots Economics, a nonprofit that builds community currencies. The nonprofit is currently ...

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