Curbing Poverty: Rwanda Backs Cryptocurrency Sector to Contribute Funds for Humanitarian Projects

Kigali — RWANDA is poised to benefit in the area of education thanks to a campaign to encourage the cryptocurrency sector to contribute funds for humanitarian projects.

Paxful, the global crypto-marketplace, launched the campaign, #BuiltWithBitcoin, last year. Zam Zam Water, the international non-profit organisation, is the implementation partner for the programme.

The company has launched a crowdfunding campaign to raise R1,3 million (over US$89 100 or RWF77 million) required to build a primary school in Rwanda, following its initial investment in a nursery school in the East African country.

Paxful has donated R263 000 worth of bitcoin to kickstart the crowdfunding campaign and will be matching all donations given from the crypto community until the target is reached.

The first school sponsored by the #BuiltWithBitcoin program is located in Kasebigege Village in the eastern Bugesera District.

Paxful donated R660 000 in bitcoin for the construction of the nursery school in 2017.

It serves children aged between three and six years in an area of 7 500 villagers. The school boasts a 35 000-liter water tank, potable irrigation system and water-catchment system which can also be used by local farmers.

Teachers are provided with educational materials and salaries while students receive free uniforms and lunches.

Executives said Paxful had always believed in the potential of bitcoin to benefit people across Africa, including building 100 schools across the continent, as well as water wells and community gardens for sustainable agriculture.

Artur Schaback, Paxful Chief Technology Officer, and co-founder, expressed hope #BuiltwithBitcoin would be a model for giving in the sector.

“The potential to make a difference is massive and we’re excited about the future of crypto-backed development,” he said.

Yusuf Nessary, founder and president of Zam Zam, said education was a crucial tool for helping people in developing nations increase their standard of living.

“So, we are very pleased to partner with Paxful to serve these bright young students. This is only a small glimpse into what we can and will continue to do with the power of cryptocurrency,” Nessary said.

BuiltWithBitcoin has also awarded just under R200 000 in scholarships to help female Afghan refugees pursue their careers in the United States.

“The #BuiltWithBitcoin initiative is a testament to the power of cryptocurrency. We firmly believe that it can improve lives and make the world a better place,” said Ray Youssef, Chief Executive Officer of Paxful.

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