UNICEF launches crypto-fund; will accept donations in Bitcoin, Ether

Several authorities including the President of the United States of America have dissed cryptocurrencies and specifically, Bitcoin, claiming that it would pave the way for criminal activities. However, the United Nations seems to be open to the idea as one of its premier agencies, the United Nations Children’s Fund aka UNICEF, has announced the launch of the UNICEF Cryptocurrency Fund.

UNICEF was created back in 1946 to focus on providing adequate safety and healthcare to children across the world. The agency has a presence in 191 countries and mostly, is funded by the government and private donors. UNICEF’s latest move would allow the agency to receive, hold and expend donations in cryptocurrencies. The agency currently supports Bitcoin as well as Ether, and would utilize the received cryptocurrencies to support open source technology that can be beneficial for children across the globe.

The Ethereum Foundation would make the first donation to the fund, and will be served three grantees of the UNICEF Innovation Fund. The Executive Director of the Ethereum Foundation, Aya Miyaguchi, commented on the same and said,

“The Ethereum Foundation is excited to demonstrate the power of what Ethereum and blockchain technology can do for communities around the world. Together with UNICEF, we’re taking action with the Cryptofund to improve access to basic needs, rights, and resources.”

The launch of the crypto-fund comes as part of UNICEF’s exploration of blockchain technology. UNICEF’s national committees of the USA, Australia and New Zealand have already started to accept cryptocurrency.

Henrietta Fore, the agency’s Executive Director, expressed her excitement at its latest crypto-venture and said,

“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.”