For a long time, it has been well known that a poorly designed currency system creates poverty traps. A well-designed currency helps communities develop services such as self-governance, enable market creation, cross-currency trading, and sustainable supply chain-linking.

This is a problem with developing countries where many cannot even afford a meal per day.

Grassroots Economics, in partnership with Bancor, want to change this by introducing tokenized community currencies, starting with Kenya.

By building open source tools that enable communities to easily create currencies, it is possible to empower low-income communities and create an environment that enables the above services to be offered.

Here is Bancor Director of Community Currencies, speaking about this initiative during a recent EOS meetup held in Nairobi, Kenya.