Categories: Crypto

UNICEF Will not Convert Bitcoin and Ethereum Donations to Fiat Currency

Numerous organizations around the globe can benefit from various cryptocurrencies. UNICEF is one of those organizations, and it seems they are taking it to the next level. The UN Children’s agency now accepts, holds, and distributes donations of cryptocurrencies through the UNICEF Cryptocurrency Fund. 

UNICEF and Cryptocurrency

It is rather surprising to see UNICEF bank so big on cryptocurrencies in this day and age. By actively launching the Cryptocurrency Fund, an important first step is taken in this regard. The goal is to use cryptocurrencies to fund open source technology projects. All contributions made in cryptocurrencies will be held in crypto, and even be distributed as the same cryptocurrency as well. This should bring a lot more positive attention to the supported currencies accordingly. 

It is a very interesting approach by UNICEF, although one that also makes sense at this time. There is no global form of money today other than Bitcoin and altcoins. Digital currencies can shape the lives of future generations walking this planet. UNICEF Executive Director Henrietta Fore confirms every option should be explored in this regard. Humanitarian and development work cannot continue without contributions in whichever format people are most comfortable with. 

Only Bitcoin and Ethereum

For a new venture of this magnitude, it is only normal very few select currencies will be accepted. As of right now, the UNICEF Cryptocurrency Fund supports donations in both Bitcoin and Ethereum. These are the world’s two leading currencies in terms of market cap, marketing, and global appeal. It is possible other currencies will be added over time, depending on how successful this new Fund proves to be in the long run. 

Speaking of Ethereum, it appears the Ethereum Foundation will make a contribution fairly soon. The current plan is to use this donation to support three grantees of the UNICEF Innovation Fund, as well as a project coordinated by the GIGA Initiative. It is unclear which amounts will change hands. For now, all we know is how the Ethereum Foundation will finalize its contribution through the French National Committee for UNICEF.

A big Boon for Cryptocurrencies

Over the past few years, there have been numerous individual efforts to bring charities and cryptocurrency together. Some ventures have been successful, whereas others felt a bit lackluster. UNICEF has now sent a signal which aims to build a lasting “collaboration” between the two segments. One can only hope other organizations decide to give cryptocurrencies a permanent place in their structure, by whichever means necessary.

Image(s): Shutterstock.com

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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Tags: bitcoinEthereumUNICEF

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