UN To Adopt Bitcoin, Ethereum Soon In Its Financial Aid Programs

UN To Adopt Bitcoin, Ethereum Soon In Its Financial Aid Programs
The United Nations (UN) is the latest world body to announce an approval of the cryptocurrency, the Bitcoin, and Ethereum.

The announcement comes a few days after the UN experienced a uniquely safe transaction that involved more than 100 Pakistani residents who received their money through the cryptocurrency.

World Food Program, the UN arm that was engaged in the experiment says there are plans in place that will ensure safety and security as the UN body finishes its mission in the Middle East.

Following the progress of the initial program, WFP has arranged for yet another program that is scheduled to start on May 1, 2017, in Jordan.

In a statement, WFP said that the aim of the pilot program is to ensure that 10, 000 Jordan residents receive financial support and food aid as expected.

If the second pilot test is successful as expected, WFP will extend the financial aid to more than 500, 000 people before the end of 2018.

When sending the help whether financially or regarding food, the UN body says it does not intend to reveal the identity of the recipient.

“We plan to expand our program to more than 100 people that we initially started with to about 10, 000 people who we expect to reach by the start of May this year safely. Later, if the program turns out to be successful, as it planned, we will finally reach as many as 500, 000 people who are still in need,” said the WFP report.

Even as they do so, the UN agency has maintained the privacy of its residents by not revealing how much each in the list will receive. Besides, no personal information revealed to the second person!

In 2016 gaming companies made real money Bitcoin casino gambling sites quite a fortune enabling the Bitcoin to become the number one cryptocurrency in the world.

The UN body announcement has come at a time many sites are slowly accepting the Bitcoin and Ethereum as a new form of exchange and transacting money. For many days, many people have taught that Bitcoins and Ethereum used in black market transactions.

Current Payment Methods

For now, the UN agency is giving financial aid and paying its workers using the traditional currency commonly referred to as ‘fiat currency’ because the body is working with many people most of whom come from areas where the cryptocurrency is not yet accepted.

“We’re currently making our payments in regular currencies because most locations we work with do not accept either the ether or the Bitcoin but this will change soon,” said Haddad of WFP.

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