Charity organization UNICEF announced the launch of a cryptocurrency funds. This will allow them to receive, hold and distribute bitcoin and ethereum. UNICEF will use the funds for open-source technology projects that support children in need across the world. The first funds has been donated by the Ethereum Foundation.
The initial batch of money from the UNICEF Cryptocurrency Fund goes to a couple of projects. For example blockchain projects aimed at transparency of money flows in emerging markets, health care data on the blockchain, and supply chains for medicines and vaccines. In addition UNICEF is working to connect schools to the internet.
“This is a new and exciting venture for UNICEF. If digital economies and currencies 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.”Henrietta Fore, UNICEF Executive Director
Cryptocurrency a good anti-fraud solution
In the last couple of years money failed to reach its final destination quite often. Some research suggests this happens 80 percent of the time. On top of that charity organizations are just like any other company, therefore there’s corruption and executives earn too much money. By using cryptocurrencies for donations, you keep the money flow transparent. Everybody can see where the money is going.
There are multiple examples of charity organizations using cryptocurrencies. For example, in October blockchain company Binance created the Blockchain Charity Foundation. This foundation teaches charity organizations how to implement cryptocurrencies and blockchain into their organizations.
Charity foundation Oxfam International started using cryptocurrencies earlier this year. Instead of cash they are giving out cryptocurrencies to disaster victims in Vanuatu. The first trial was successful, and the organization is now scaling up the program.
Also published on Medium.