Bancor launches blockchain platform in Kenya to allow the creation of community currencies.

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Partnered with Grassroots Economics, Bancor new project seeks to stimulate local and regional commerce and peer-to-peer activity by allowing Kenyan communities to create and manage their own digital tokens. The new tokens will be tradable using fiat or crypto on the Bancor platform, which the organization hopes will allow global users to support local communities from afar.

A balance in a stabilized “parent” cryptocurrency, that is under development, will be initially pegged to the national currency, the Kenyan Shilling, and enable convertibility between the network of local currencies at algorithmically calculated prices.