The global adoption of digital currencies is becoming more intense. The adoption and daily use of digital currencies has moved to becoming an international affair. Today, even international organizations are embracing it. This is the case with UNICEF. The United Children’s Fund (UNICEF) has rolled out a cryptocurrency fund that is aimed at enabling the organization to receive, hold, and distribute donations in Bitcoin and Ether. In simple terms, UNICEF will use digital currencies or cryptocurrencies to support open-source technology assisting children and young people across the globe.
The UNICEF cryptocurrency Fund
All contributions directed to this cryptocurrency fund will be held in the cryptocurrency of donation and later be disbursed in the same cryptocurrency. Speaking on this subject matter, UNICEF’s Executive Director, Henrietta Fore, stated: “This is a new and exciting venture for UNICEF. If digital economies and currencies have the potential to shape the lives of the coming generations, it is important that we explore the opportunities they offer. That is why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”
Note that UNICEF is the very first United Nations organization to establish a cryptocurrency fund. This fund comes as part of the organization’s current work with the Blockchain technology. It is also worth pointing out that WFP and UNICEF are the leaders of the UN Innovation Network, a special body that focuses on the research that emerging technologies yield, such as the blockchain.
First Crypto Contributions
This newly-created cryptocurrency fund will receive its first crypto contributions from the Ethereum Foundation. The contribution will greatly profit grantees of the UNICEF Innovation Fund and the GIGA Initiative Project that links schools with the internet. In line with this, the Executive Director of the Ethereum Foundation, Aya Miyaguchi, said: “The Ethereum Foundation is excited to demonstrate the power of what Ethereum and blockchain technology can do for communities around the world. Together with UNICEF, we are taking action with the Crypto Fund to improve access to basic needs, rights, and resources. We aim to support the research and development of the Ethereum platform, and to grow the community of those that benefit from a technology that will better countless lives and industries in the years to come.”
It is through the UNICEF’s French National Committee that the Ethereum Foundation will make the first contribution. Australia, New Zealand, and the US are other UNICEF National Committees that accept crypto.