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UNICEF Launches Cryptocurrency Fund to Back Open Source Technology

UNICEF to Use Crypto to Fund Open Source Technology

UNICEF Launches Cryptocurrency Fund to Back Open Source Technology

The United Nations International Children’s Emergency Fund (UNICEF) will now accept, store and disburse funds in the form of cryptocurrencies. The announcement stated that UNICEF seeks to fund open source technology to children and young people across the globe. 

Ethereum Foundation became the first crypto donor to the UNICEF which will benefit three of its grantees, namely, Prescrypto, Atix Labs and Utopixar, and will be used in the GIGA Initiative to connect schools across the world to the internet. 

Ethereum Foundation’s Executive Director Aya Miyaguchi in this year’s DevCon event said that the foundation will send 100 ether worth USD 18,000 to UNICEF as per the new partnership. The foundation will make this donation through the French National Committee.  Miyaguchi spoke about how using crypto funds will make widespread access to basic needs, rights and resources possible. 

Henrietta Fore, UNICEF Executive Director, said:

““This is a new and exciting venture for UNICEF [..] 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. That’s why the creation of our cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”

As previously reported by bitcoinnews.com, UNICEF is actively exploring the innovative gateway of blockchain to pioneer cutting-edge ideas and transform the way assistance can be extended to the deprived areas of the world. Last year, UNICEF invested USD 100,000 into six blockchain companies and 20 other startups to leverage technology for the development of transformative solutions to social problems and help bridge the UN Sustainable Development Goals funding gap in innovative ways.

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UN Report Praises Crypto as “New Frontier” of Global Finance

UN Report Praises Crypto as

The United Nations (UN) year-end report has called Bitcoin and cryptocurrencies the “new frontier” in global finance with massive potential to revolutionize business.

Even before the release of the World Economic and Social Survey 2018, it remains no secret that the International Assembly has already invested heavily in blockchain through the International Children’s Education Fund (UNICEF).

The UN itself is not new to working with companies which apply the latest technologies such as blockchain.  Binance’s head of blockchain charity has indicated in the past that the technology would bring “transformative solutions to social problems, and help bridge the UN Sustainable Development Goals funding gap in fast and innovative ways”.

The UN’s latest report refers to the advantages of crypto, blockchain and distributed ledger technology and suggests a value token under consideration called ClimateCoin, which may be a way of addressing carbon emissions in the future, a major concern to many nations at present arguing, “Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, Bitcoin being a well-known example…”

ClimateCoin is being seen as one solution using cryptocurrency that would allow P2P exchanges of carbon credits allowing devices to calculate emissions and offset them accordingly by purchasing further credits.

UNICEF recently received a boost with companies including Atix Labs, Onesmart, Prescrypto, Statwig, Utopixar, and W3 Engineers being awarded the challenge of building prototypes for global issues such as health-care delivery, affordable access to mobile phone connectivity, and the ability to direct finances and resources to social-impact projects.

The UN’s main body expressed interest in “the new frontier” in May 2018 when it announced a collaboration with IOTA to increase the efficiency of United Nations Office for Project Services (UNOPS) operations.

 

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