1. In a large bowl, combine chicken, bread crumbs, onion, red pepper, cilantro, egg, salt, cayenne and 1 teaspoon of the ginger. Mix well and form into 20 meatballs. Add 1 tablespoon of the oil to a large, lidded saute pan over medium heat. Add half the meatballs and brown on all sides, 5 to 6 minutes total; remove to a plate. Repeat with remaining 1 tablespoon oil and remaining meatballs; set aside.
2. In same pan, combine coconut milk, peanut butter, chicken broth, soy sauce and remaining 1/2 teaspoon ginger. Stir constantly over medium heat to melt peanut butter. Bring to a simmer and cook 2 to 3 minutes, until slightly thickened. Add meatballs to sauce, cover pan and cook 5 minutes, or until meatballs are cooked through.
3. Serve meatballs and peanut sauce over rice. Garnish with cilantro, if desired.