Posted 3 years ago | by Bethany Armstrong
The United Nations' children's agency, UNICEF, is now accepting cryptocurrency.
The newly established UNICEF Cryptocurrency Fund is the first of its kind for the UN.
The UN press release included a statement from the UNICEF Executive Director, Henrietta Fore. “This is a new and exciting venture for UNICEF,” said Henrietta Fore.
Fore continued, “If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work."
The UNICEF Cryptocurrency Fund will accept Bitcoin and Ethereum. The Cryptocurrency Fund will benefit the Innovation Fund - an initiative that works to connect schools to the internet. This initiative is working with 6 different blockchain startups across the globe.
At the 6 month update for the Innovation Fund, UNICEF said, "Throughout this experience, UNICEF is leveraging the learnings and growth of the companies to better understand how blockchain can be used in developing and emerging economies. The start-ups are leveraging the technology to improve organizational efficiencies, streamline decision-making processes, and build transparent workflows."
While the Cryptocurrency Fund currently only accepts general donations, there is a future goal to make it more specific. This works great for cryptocurrency. As Forbes shared, "In the future, the Crypto Fund is especially well suited for directed donations, in which a donor can specify that his or her funds be used only, for example, to purchase pencils for schoolgirls in a particular region and would have 100% certainty that’s exactly what happened. Because ethereum and bitcoin transact on shared, public ledgers, the flow of funds can be easily tracked from donation to purchase."
Allowing crypto donors to specify where their funds go and also have the ability to track their donations brings a human element to donating.