(Rejected) UNICEF Introduces Cryptocurrency Fund to Disburse, Hold, And Receive Donations of Ether and Bitcoin
NGOs, charities, and other nonprofits depend on donations to continue realizing their missions. Some of these nonprofits support global causes like fighting AIDS, addressing poverty, and others. Many NGOs establish their presence in a local community and work in several countries across the world.
Thanks to the rise in the price of bitcoin and other digital currencies, nonprofits are increasingly adopting virtual currencies as a new source of revenue. Apart from the revenue generation strategy, some NGOs are taking a step forward by looking into ways they can offer tax benefits to their donors, provide stability, and become more transparent.
Among the latest top stories from the world is that UNICEF now will be able to distribute, hold, and receive donations of cryptocurrencies bitcoin and ether, through its newly-launched cryptocurrency fund. UNICEF will be the first UN organization to use digital currencies to fund open source technology to benefit young people and children around the world.
The Structure of The UNICEF Crypto Fund
Contributions will be held in their cryptocurrency of donation and granted out in the same cryptocurrency.
UNICEF executive director – Henrietta Fore – said:
“This is an exciting and new project for our organization. If cryptocurrencies and digital economies have the capacity to shape the lives of future generations, it is vital that we explore the opportunities they provide. That is why launching our Crypto fund is a welcome and significant step forward in development and humanitarian work”.
Ethereum Foundation
The initial contributions to the UNICEF crypto fund will be received from Ethereum Foundation and will benefit the UNICEF Innovation Fund to accomplish its projects and the GIGA initiative to facilitate the internet connectivity to schools across the world.
The executive director of the Ethereum foundation – Aya Miyaguchi – mentioned:
“the Ethereum Foundation is delighted to demonstrate the power of what blockchain technology and Ethereum can do for communities around the world. In partnership with UNICEF, we are taking action with the cryptocurrency fund to enhance access to basic needs, resources, and rights. We focus on supporting the development and research of the Ethereum platform and on growing those communities that benefit from a technology that will better numerous industries and countless lives in the future. We’d love to thank UNICEF organization for their leadership as we develop real progress together”.
The Ethereum Foundation will give its first donation through the French National Committee for UNICEF.
UNICEF national committees of New Zealand, Australia, and the USA, also accept cryptocurrency.
Blockchain Technology
Launching the crypto fund is part of the ongoing work of UNICEF with blockchain technology.
UNICEF is the latest UN agency pushing for the adoption of blockchain technology for its broader goal. During earlier this year, the UN children agency was in talks with the government of Kyrgyzstan to apply blockchain to offer internet access to schools in the nation through the Project Connect initiative.
In December 2018, UNICEF mentioned it was investing $100,000 in six blockchain startups so that to solve global challenges like managing resources and finances, transparency of healthcare delivery, and others via blockchain technology.