The UN children’s agency UNICEF as of Wednesday, will be able to receive, hold and disburse donations of cryptocurrencies and bitcoin through its newly established Fund, a first for UN organizations.
Contributions will go toward open source technology to benefit children and youth around the world, a “new and exciting venture” for the agency, its Executive Director, Henrietta Fore, said in a statement.
“If digital economies 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”, she encouraged.
The fund’s first contributions will come from the non-profit Erethreum Foundation, and will be put toward the UNICEF Innovation Fund, and a project aimed at getting schools across the world connected to the internet. Foundation Executive Director, Aya Miyaguchi, stressed the ability of the Cryptofund to “improve access to basic needs, rights and resources”.
UNICEF’s Cryptocurrency Fund is part of the agency’s ongoing work with blockchain technology, which enables the exchange of digital currency and facilitates funds transfers.