And UNICEF is not planning to convert it into fiat! Are we witnessing a wave of cryptocurrency acceptance? UNICEF is preparing a pilot program for cryptocurrencies adoption, such as BTC and ETH. This will be the first time that an international agency has fully adopted this technology. Also, it will help the organization to provide a better developmental aid for children care around the world. Keep reading to check the latest update about this new humanitarian improvement.
To clarify, the United Nations Children’s Funds is the world’s largest organization dedicated to protecting and improving children’s welfare around the world. That is to say, the UNICEF is mainly sustained by donations from governments and private organizations. Cryptocurrencies have always been widely used for charity, and now, UNICEF has announced that it is working on a prototype that will allow them to accept donations in cryptocurrencies. Specifically, Bitcoin (BTC) and Ether (ETH) gifts.
What is even more interesting is that UNICEF will not sell the accepted cryptocurrencies. Certainly, that is an unprecedented step. Specially because the method they will use to do the payments. Typically, most of the cryptocurrencies get immediately converted into fiat money via payment processor. However, UNICEF decided to take a different way. This is a significant shift in the international acceptance of cryptocurrencies. We see an extensive, global charity organization that has decided to embrace the two leading cryptocurrencies fully.
The reason for taking this step is transparency. It is always an important part when any international organization first adopts cryptocurrencies for these purposes. In addition, they expect cryptocurrency donations to increase transparency and donor numbers for UNICEF. Every transaction will be recorded, and it is traceable on a public blockchain. As a result, there is no room for any kind of loss. The very first donation allegedly came from the Ethereum Foundation, and it consisted of 1 BTC and 10 000 ETH.
Last year, the United Nations General Secretary, Antonio Guterres, spoke about the possibility of using blockchain technology to address global challenges. “The plan is to provide ultra-accessible financial services and digital networks by 2030,” says Beincrypto.com on the related issue of “adopting” cryptocurrencies.
If you want to read more about the UNICEF organization, check it right here: https://en.wikipedia.org/wiki/UNICEF