UNICEF Launches Cryptocurrency Fund for Disbursement of Grants

UNICEF announced, in New York City, that they are rolling out the ‘UNICEF Crypto Fund’ in order to use cryptocurrency donations received to disburse grants to projects around the world that are trying to improve the quality of infrastructure, education, and connectivity, October 9, 2019. Aya Miyaguchi, executive director of the Ethereum Foundation, announced that the Foundation will give UNICEF 100 ETH, making them the first donor.

Crypto for a Better Future

UNICEF is a co-lead for the United Nation’s innovation hub, and it has now been made abundantly clear why that is so.

Being the first large supranational agency to accept cryptocurrency, UNICEF may not be able to influence direct change, but this move can help improve public perception of cryptocurrencies.

Henrietta Fore of UNICEF claims that if digital economies have the ability to benefit and shape the lives of newer generations, then it is definitely worth exploring – at the least.

The first contribution to this fund, which has come from the Ethereum Foundation, will be directed to three grantees of the UNICEF Innovation Fund, which aims to integrate schools across the world onto the internet.

Prescrypto, Atix Labs, and Utopixar are the first three startups chosen by UNICEF and are building solutions for prescription tracking, investor/entrepreneur matching, and broader engagement respectively.

National UNICEF committees of the United States, New Zealand, and Australia also accept cryptocurrency donations. While this isn’t UNICEF or the United Nation’s first tango with blockchain, it is the start of something completely new, that finally accepts the value proposition of cryptocurrencies.

Broader Picture

In light of this, a major theme could be emerging across the crypto space. Does this move open the door for more such agencies to look to crypto as a simple, efficient solution?

Governments are very obviously biased in their decision-making process. For the most part, politicians and bureaucrats seemingly prefer to make decisions that harm the public over their own stature in modern society.

But a supranational agency like the UNICEF, who are funded by governments but independent in their functioning, accepting that cryptocurrencies have true value by opening themselves up to donations is indeed a major step for general outlook.

If this is a trend that persists and more NGOs and other private organizations start accepting cryptocurrency, it could radically shape societal embracement of cryptocurrency.

Sourced from crypto.news.

Written by Ashwath Balakrishnan on 2019-10-09 17:00:55.

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