Universal basic income and Bitcoin formed so many discussions in 2017. Bitcoin fund has now announced that it will commit $5 million to Pineapple Fund which is a charity organization behind universal basic income experience in several parts of Uganda and Kenya. Pineapple Fund is an organization that donates Bitcoin. The organization mines, trades and buys cryptocurrencies also.
When a charity is in need Pineapple Fund donates some Bitcoins. Their main donations are towards organizations that work towards supplying water to communities and also towards promotion of gender equality. The other field in which they concentrate more on in campaigning for the legislation of Psychedelic medicine. Their latest donation was to GiveDirectly which is a charity which sends cash transfers to extremely poor communities.
GiveDirectly is currently working on poor communities in Kenya and Uganda. According to the managers of giving Directly the people who receive its money in Kenya live on 65cents a day. The average in Uganda is higher as the recipients live on 83 cents a day. The charity organization uses its independent checks to know whether people qualify to get their funds. If your household is chosen, then the charity gives an estimated amount of $1,000 which is used as a budget for one year.
In Kenya, those who qualify for the fund in Kenya are notified through text messaged and then collect their money from their nearest mobile money agent. In Uganda, it’s not different as the organization sends the money through a mobile payment system to send the money. GiveDirecty stated that after sending the money, it calls the recipients to confirm whether they have received the funds.
Universal basic income has had its challenges as it recently was a topic of discussion in Finland and Canada about its importance. However, academicians have argued that cash lowers the levels of stress and makes people more productive. Trials on the same had been done on the smaller communities in the country.
Pineapple Fund is doing a good job by using Bitcoin to support others. However, the program in Kenya and Uganda is not very significant because the very poor in those nations do not even own mobile phones. In many developing nations, mobile phones are viewed as luxuries. However, if such funds are made to popularize Bitcoin then it’s possible for Bitcoin to become mainstream