The global charity organization, CARE, has created crypto-based vouchers that will be distributed to women and select groups in Africa and Latin America. According to CARE, these vouchers will be redeemable for goods, services or cash and linked to the needs of recipients.
However, in its statement announcing the launch of the pilot phase, the NGO reveals only groups in Kenya and Ecuador are set to participate. In Kenya, the vouchers will go to the “village savings and loans associations that are coping with the economic impact of COVID-19.” In Ecuador, the crypto vouchers will be distributed “to survivors or women at risk of gender-based violence.”
Project Launched in Partnership With Crypto Organizations
Commenting on the voucher launch, Christian Pennotti, the senior director for market-based approaches at CARE, said:
We are excited to be working alongside Celo and Emerging Impact in Ecuador and Binance’s Blockchain Charity Foundation in Kenya to test new ways that these technologies can support people to navigate crises.
In addition to working with established crypto organizations, CARE says a separate partnership arrangement with Lab for inclusive Fintech (LIFT) will “inform the design of a rigorous experimental evaluation of blockchain technology as a viable and effective option to deliver aid in developing countries.” The NGO also reveals that the Kenya and Ecuador pilots “will carry out focus groups to better understand trust, information barriers, and use of and opportunities for stablecoins.”
While CARE says it is mindful of the risks that may be associated with cryptocurrencies, the NGO however insists its interest will be limited to the potential of this technology.
Source: Crypto news