The United Nations Children’s Fund (UNICEF) will from now on be able to receive, hold and disburse donations in cryptocurrencies and Bitcoin through its newly-established Fund, a first for UN organisations, reports from new York said this week.
Contributions will go toward open source technology to benefit children and youth around the world, a “new and exciting venture” for the agency, UNICEF Executive Director Henrietta Fore said on Wednesday.
The news must have spread like bushfire around the world, echoing on the US Congress, the White House and the European Union, institutions that have so far given a cold shoulder to cryptocurrencies.
US President Donald Trump described cryptocurrencies as money whose value is based on thin air, while the European Central Bank (ECB) said back in July that Bitcoin was not money, but an asset and a volatile one.
However, the United Nations brushed aside the US government and the EU’s cryptophobia, preferring to side with history and innovation.
“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”, Fore said.
By embracing digital currencies and launching its Cryptocurrency Fund, the UN children agency has made an appointment with history and positioned itself as a leading development institution that aims to stay relevant in a fast-changing society it operates.
,A digital currency expert, DeVere Group CEO Nigel Green, said recently there was no doubt that cryptocurrencies were not only the future of money, but they were also already having a major impact in the world of mainstream finance in the present.
“There are five main drivers for this. First, cryptocurrencies are borderless, making them perfectly suited to an ever globalised world of commerce, trade, and people,” Green explained.
“Second, they are digital, making them perfectly suited for the increasing digitalisation of our world, which is often called the fourth industrial revolution.
“Third, they provide solutions for real-life issues, including making international remittances more efficient, and help bank the world’s estimated two billion ‘unbanked’ population.
“Fourth, demographics are on the side of cryptocurrencies as younger people are more likely to embrace them than older generations.
“And fifth, institutional investors are coming off the sidelines and moving into cryptocurrencies, bringing their institutional capital and institutional expertise to the crypto market.”