UNICEF Starts to Accept Donations in Bitcoin & Ethereum
UNICEF is now ready to accept the donations and funds in cryptocurrency Bitcoin and Ethereum. With this step, it has become much cheap to transfer overseas funds eliminating the intermediaries.
Cryptocurrencies are the virtual assets by which anyone can transfer the currency and convert it into real money. The currency is decentralized and can be accessed from anywhere from the world. Decentralized networks of computers are responsible for the working of the cryptocurrency.
This decentralized system gives the advantage to the organizations to minimize the transactional expenses and eliminate the use of intermediary resources. A large amount of cash can be transferred overseas in much less time as compared to the traditional resources.
But, these cryptocurrencies are much volatile. High price fluctuations and decentralized systems have often been used to support illegal activities like drug dealing and other criminal offenses.
The first contribution to the organization will be made by a Swiss based Ehtereum foundation of around $18000. The first donation will be made through the French National Committee for UNICEF. Committees of Australia, USA and New Zealand will also follow the same.
This launch is part of the UNICEF’s project in the field of blockchain. UN Innovation Network handles all the research part of UNICEF. It is also looking for the opportunities offered by Blockchain.
This very organization is currently aiming to reduce the transactional time and cost so that they can receive more donations and spending can be done efficiently.