Crypto-currencies and the aid industry

November 13, 2014

Meet Bitcoin: an encrypted digital currency the value of which has fluctuated sharply in recent years… For aid distribution, such “radical” ideas could influence the way money is transferred to (and between) people in need. Electronic cash transfers  often by SMS  have become an increasingly popular aid tool in recent years… CaLP, a consortium steered by Oxfam, the British Red Cross, Save the Children, the Norwegian Refugee Council and Action Against Hunger (ACF), argues: “The use of ‘new technology’ is increasingly seen as a critical factor to enable cash transfer programming at scale and to implement cash transfer programmes in remote and insecure areas… [and] instrumental to improve monitoring and evaluation systems, early warning and preparedness initiatives and assessment data collection, amongst others.”