UNICEF to not convert Bitcoin and Ethereum donations into fiat, big win for adoption

They aim to improve transparency and increase the number of donors.
The United Nations has recently spoken positively about blockchain and cryptocurrency adoption.

Rajarshi Mitra Independent Analyst

UNICEF recently announced that it will soon be accepting Bitcoin (BTC) and Ethereum (ETH) donations. As per a BeInCrypto report, Christina Lomazzo and her blockchain team at UNICEF will be allowing individuals to donate cryptocurrencies. This is the first time an international agency will be accepting cryptocurrencies.

Ethereum Foundation was the first organization to donate to the program with a 1 BTC and 10,000 ETH donations. The pilot program will also be a collaboration with UNICEF USA, UNICEF Australia, UNICEF New Zealand, and UNICEF France.

However, the UNICEF won’t be converting the raised funds to cash. UNICEF is likely to be interested in HODLing and spending cryptocurrencies. They aim to improve transparency and increase the number of donors. Since every donation is recorded on the blockchain, there is less chance to ‘lose’ funds and everything is visible on the public ledger.

The United Nations and its many branches are welcoming cryptocurrencies. Antonio Guterres, the UN secretary-general, had spoken on the possibility of utilizing blockchain technology in solving world issues. Their main aim is to provide ultra-accessible financial services and digital networks by 2030.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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