The United Nations Children’s Fund (UNICEF) have launched a cryptocurrency fund that will enable them to accept donations made in Bitcoin (BTC) and Ethereum (ETH). UNICEF state they will use the currencies to support development in open source technology to bring benefit for children and young people around the world.
Any contributions received will not be exchanged for any national currency but rather be held in the original denomination, either BTC or ETH, and granted out in the same cryptocurrency format.
UN Cryptocurrency Frontrunner
UNICEF have already proven to be relatively early amongst its peers to adopt financial innovation – by welcoming non-fiat currency donations through UNICEF France for over a year – and the structure of the new UNICEF Cryptocurrency Fund is thought to be the first of its kind for a United Nations organisation.
Speaking about the latest venture, UNICEF Executive Director Henrietta Fore, explained that “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.”
According to the official statement, the Ethereum Foundation will make the first contribution to the fund, via UNICEF France, to support three grantees of the UNICEF Innovation Fund plus a project to connect schools across the world to the internet.
Reports circulating from this week’s DevCon conference suggest that initial donation amounts to 100ETH.
Ethereum Foundation’s Executive Director, Aya Miyaguchi, believes that “Together with UNICEF, we’re taking action with the Cryptofund to improve access to basic needs, rights and resources.” In turn, he states that this will “…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.”
