UNICEF plans to use cryptocurrencies donated by the Ethereum Foundation and other organizations to finance public schools’ Internet connections around the world.
Earlier this month, the UN International Children’s Emergency Fund (UNICEF) launched a cryptocurrency fund to receive, store and distribute donations to BTC and ETH. The Ethereum Foundation was the first to donate 1 BTC and 100 ETH for a total of about $ 25,000.
According to Christina Lomazzo, Head of UNICEF Blockchain, and Chris Fabian, Head of UNICEF Ventures Foundation, Funds will be used to provide and improve Internet access in public schools around the world as part of the ongoing Project Connect initiative.
“Paying for a connection, monitoring progress and the ability to record all transactions in the registry gives a full cycle of accountability. I don’t know of other similar systems that can show the power of a truly distributed financial system, ”said Fabian.
The governments of Sierra Leone, Kazakhstan, Kyrgyzstan and Kenya have already shown interest in Project Connect and its blockchain-based payment system, which allows funding for Internet connections in schools. According to Fabian, digital payments are the way of the future for UNICEF and the UN.
“The last two years we spent on creating a cryptocurrency fund. We share its potential with other UN entities so that they do not engage in the same legal and financial work that we have already done, ”Fabian said.
Stressing the need to adapt organizations involved in social impact issues to modern technologies, Fabian added: “It is necessary to build up a base that will allow us to be ready for the future.”