Bitspark Embarks on Blockchain Remittance Trial with UN in Tajikistan

Bitspark has revealed is working with the United Nations Development Programme on a trial aimed to build financial inclusion in Tajikistan.

By Wolfie Zhao

Jun 27, 2017 at 10:00 a.m. UTC

Updated Dec 12, 2022 at 12:50 p.m. UTC

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Wolfie Zhao

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Blockchain startup Bitspark has revealed it is working with the United Nations Development Programme (UNDP) on a trial focused on promoting financial inclusion in Tajikistan.

The Hong Kong-based remittance vendor outlined the new project in a recent , stating how it aims to enable regional labor migrants to leverage the potential benefits of blockchain technology.

As outlined in the post, Bitspark hopes to build off previous UNDP efforts in Tajikistan, while helping to serve the 85% to 90% of the population without formal banking accounts.

Given these figures, Bitspark and the UNDP are proposing a pilot that would enable migrant works and their families to send and receive payments via smartphone devices.

"People are familiar to sending and receiving cash and this proposal seeks to streamline that process ... Instead of calling a taxi and handing over a bag of cash ... Bitspark's digital payments app Sendy [can be used] for instant, verifiable, trustless payments cash in cash out," the post reads.

For the UNDP, the proposal finds it building off efforts to use blockchain to better distribute aid to refugees, while embarking on a broader effort to find possible ways to improve UN operations with distributed ledger technologies.

Noting this mission, Bitspark concluded:

"The application of new financial technologies like blockchain can assist in increasing the number of people with access to the financial system at less cost and at a scale necessary to make an impact and ultimately improving economic opportunities for people in Tajikistan and around the world."

Tajikistan image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Wolfie Zhao

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.