UNICEF will not convert Bitcoin and Ethereum donations to fiat

by Osiris Team


Posted on Oct. 14, 2019, 3:01 p.m.
Development
Time to read: 2 min
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Recently, UNICEF announced it is working on a prototype to allow it to accept Bitcoin (BTC) and Ethereum (ETH) donations. Notably, these donations will be kept as cryptocurrencies and not converted.

Cryptocurrency adoption took a major step forward with news that UNICEF will soon be accepting Bitcoin (BTC) and Ethereum (ETH) donations. As previously reported by BeInCrypto, Christina Lomazzo and her blockchain team at the United Nations Children’s Fund (UNICEF) will be allowing individuals to donate cryptocurrencies.

The new pilot program is the first time the international agency will be accepting cryptocurrencies. The first donation made will reportedly come from the Ethereum Foundation which donated 1 BTC and 10,000 ETH to the cause. The pilot program will also be a collaboration with UNICEF USA, UNICEF Australia, UNICEF New Zealand, and UNICEF France.

What’s noteworthy, however, is that this initiative will keep donations as cryptocurrencies. Rather than automatically convert them to fiat currency, the international organization seems to be interested in HODLing and spending cryptocurrencies.

The idea behind the move is to better transparency and increase the number of donors. With every donation recorded on the blockchain, there is little room to ‘lose’ funds and everything is visible on the public ledger.

The United Nations and its many branches have proven themselves open to cryptocurrencies. There is currently a ‘paradigm shift’ occurring at the highest levels of international power which may indicate that a wave of adoption is coming.

The pro-cryptocurrency position goes far beyond UNICEF. Last year, Antonio Guterres, the UN secretary-general, spoke on the possibility of using blockchain technology in solving world issues. The plan’s focus is to provide ultra-accessible financial services and digital networks by 2030.

UNICEF has taken the bold move of accepting cryptocurrencies and not converting them to liquid cash. Instead, they’re betting long-term on the idea. Let’s hope that other international organizations follow.


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