Unblocked Cash: The Beginning of a Revolution in Vanuatu
In an impressive turn of events, Oxfam has completed the first phase of its Unblocked Cash program, which is designed to provide much-needed disaster relief to the residents of Vanuatu. By using MakerDAO’s Dai stablecoin, Oxfam is tackling the challenges faced by this island nation, famously known as one of the world’s most disaster-prone regions. Let’s dig into what went down in the initial trial and what thrilling updates await the second phase!
Surviving Natural Disasters with Cryptocurrency
Amidst relentless cyclones and volcanic eruptions, residents of Vanuatu have found a ray of hope. The pilot program, conducted in Pango and Mele Maat, saw 200 residents along with 34 vendors dive into the world of digital currency. Each participant was equipped with tap-and-pay cards loaded with Dai worth around $50. According to Sandra Hart of Oxfam, this initiative not only aimed to disburse relief, but also to pave the way for traceable, straightforward financial transactions in disaster-stricken areas.
Challenges Galore: A Comedy of Errors
Despite its noble intentions, the journey wasn’t all smooth sailing (or rather, smooth transacting). Nick Williams from Sempo shared the universal truth that sometimes technology can be as user-friendly as a cactus in a pillow fight. Oxfam had to provide on-ground support to navigate obstacles such as unfamiliarity with smartphones. Thankfully, the tech-savvy youngsters of the villages swooped in to help their elders tackle those pesky app issues!
The Vital Role of Super-Vendors
Ever heard of the “super-vendor” model? It’s like the superhero of the local marketplace! This approach allowed larger vendors to assist smaller ones with cashing out their sales. Unfortunately, it didn’t translate well in the second trial, where most vendors were on an equal playing field. But hey, it’s all about learning, right? Hart emphasized that the super-vendor model could change the game for community-based financial systems. All they need is a bit of fine-tuning and maybe a catchy superhero theme song.
Regulatory Maze: A Fun Yet Frustrating Encounter
As any adventurer knows, regulatory hurdles can be like trying to ride a bicycle through a swamp: messy and not much fun. Williams pointed out the painstaking work involved in meeting the requirements set by the Reserve Bank of Vanuatu. It’s part of a critical mission to prevent financial mishaps, like money laundering, while ensuring smiley faces pop up all around Vanuatu.
What’s Next? The Airtight Future of Unblocked Cash
As Oxfam gears up for the second phase in early 2020, they plan to scale up and spread their wings, reaching 1,000 participants in Tanna. Community groups will take a front-row seat, showcasing the power of grassroots involvement in disaster relief. With optimistic discussions regarding extending the successful Unblocked Cash model beyond Vanuatu, there’s a brave new financial world waiting to be unveiled.
