UNICEF won't convert Bitcoin and Ethereum : will accept donations in cryptocurrency
UN's children's agency UNICEF has launched a Cryptocurrency Fund Programme, in this all donations will be made through cryptocurrency- limited to Bitcoin and Ether. According to this new Cryptocurrency Fund Programme, when the organization receives a donation in Bitcoin or Ether, it will not convert it to fiat currency rather distribute it in the same form. This is part of UNICEF's project with blockchain technology and to fund open source technology projects through cryptocurrency.
"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, we must 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," Henrietta Fore, Director, UNICEF, said in a statement. This approach by UNICEF, couldn't have come at a better time, as Henrietta Fore, Director UNICEF says, "Humanitarian and development work cannot continue without contributions in whichever format people are most comfortable with".
And this would also assist cryptocurrencies, giving them a positive boost. Cryptocurrency, that is virtual money is the only form of global money presently, and is believed could be the currency of the future. Bitcoin continues to influence the macroeconomy and more and more industries and businesses are incorporating this technology into their functionality. Now, UNICEF is also amongst one such organization with its Cryptocurrency Fund Programme. In this program, UNICEF supports donations in only Bitcoin and Ethereum as these are the leading cryptocurrencies in the global market.
Depending on the success of the program, more currencies would probably be added in due time. The first donation to the UNICEF Cryptocurrency Fund Programme will be made by Ethereum Foundation to fund three grantees of the UNICEF Innovation Fund, as well as a project coordinated by the GIGA Initiative to connect schools to the Internet globally. It is unsure which amounts will change hands but the contribution will be done through the French National Committee for UNICEF. It is a big boon for cryptocurrencies, and collaboration between charitable organizations and cryptocurrency can be a big step forward into the new era of change and technology.
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