UNICEF launches pilot program for cryptocurrency donations
The United Nations Children's Fund recently announced an experimental program to accept donations in Bitcoin and Ethereum. It is worth noting that cryptocurrency donations will not be converted into fiat currency.
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UNICEF Long-term Commitment to Promoting Cryptocurrencies
As previously reported by UNICEF, the United Nations Children's Fund launched a project as early as 2018 that allows online gamers to contribute their computer processing power to mine and donate in support of children affected by the Syrian conflict.
With news of UNICEF accepting donations in Bitcoin and Ethereum, the adoption of cryptocurrencies has taken a significant step forward. Additionally, this pilot project will collaborate with children's funds in the United States, Australia, New Zealand, and France.
This marks the first time an international organization has accepted cryptocurrencies. According to reports, the first donation will come from the Ethereum Foundation, which has donated 1 Bitcoin and 10,000 Ether.
It is worth noting that the international organization does not automatically convert the donated cryptocurrencies into fiat currency, which seems to be good news for long-term cryptocurrency holders, known as HODLers.
The idea behind this move is to enhance donation transparency and increase donor willingness. Due to the inherent immutability of the distributed ledger, there is little room for funds to be misappropriated with each donation, and all transactions can be publicly verified on the blockchain.
International Organizations Bullish on Blockchain Technology
The United Nations and many of its agencies have shown an open attitude towards cryptocurrencies. This move may indicate that the public is gradually accepting cryptocurrencies, and a wave of adoption is on the horizon.
Last year, United Nations Secretary-General Antonio Guterres discussed the potential of using blockchain technology to address global issues and planned to provide affordable financial services and digital connectivity for all adults worldwide by 2030.
UNICEF's bold move in accepting cryptocurrencies for this donation project without converting them to fiat currency may prompt other relevant international organizations to follow suit.
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