UN Report Praises Crypto as “New Frontier” of Global Finance

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UN Report Praises Crypto as "New Frontier" of Global Finance

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The United Nations (UN) year-end report has called Bitcoin and cryptocurrencies the “new frontier” in global finance with massive potential to revolutionize business.

Even before the release of the World Economic and Social Survey 2018, it remains no secret that the International Assembly has already invested heavily in blockchain through the International Children’s Education Fund (UNICEF).

The UN itself is not new to working with companies which apply the latest technologies such as blockchain.  Binance’s head of blockchain charity has indicated in the past that the technology would bring “transformative solutions to social problems, and help bridge the UN Sustainable Development Goals funding gap in fast and innovative ways”.

The UN’s latest report refers to the advantages of crypto, blockchain and distributed ledger technology and suggests a value token under consideration called ClimateCoin, which may be a way of addressing carbon emissions in the future, a major concern to many nations at present arguing, “Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, Bitcoin being a well-known example…”

ClimateCoin is being seen as one solution using cryptocurrency that would allow P2P exchanges of carbon credits allowing devices to calculate emissions and offset them accordingly by purchasing further credits.

UNICEF recently received a boost with companies including Atix Labs, Onesmart, Prescrypto, Statwig, Utopixar, and W3 Engineers being awarded the challenge of building prototypes for global issues such as health-care delivery, affordable access to mobile phone connectivity, and the ability to direct finances and resources to social-impact projects.

The UN’s main body expressed interest in “the new frontier” in May 2018 when it announced a collaboration with IOTA to increase the efficiency of United Nations Office for Project Services (UNOPS) operations.

 

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