Insider Interview: Aya Miyaguchi, Head of ETH Foundation, Discloses the Genesis of UNICEF's audacious Cryptocurrency Initiative
UNICEF Embraces Crypto and Blockchain: The Creation of the UNICEF CryptoFund and Its Journey thus Far
At ETHPrague on May 28, Christopher Fabian, a former UNICEF innovation unit builder and Giga founder, spoke alongside Ethereum Foundation President Aya Miyaguchi about the organization's adoption of cryptocurrency and blockchain technology. This conversation took the audience back to 2018 and 2019, when UNICEF first started working with these digital assets.
Fabian, who had previously engaged in startup and technological projects prior to his work with UNICEF, recalled the initial challenges in convincing the organization to adopt blockchain technology. "All these misunderstandings... made it take a lot longer than it should have, and I think they still stop governments from adopting certain types of blockchains," he said.
To illustrate the concept, Fabian used the analogy of a motorcycle delivering vaccines to remote areas to explain how crypto was much like a vehicle for storing and circulating funds. "It's just another thing like a motorcycle... it was like that type of learning and that type of work, figuring out that a smart contract isn't a contract getting the lawyers to relax on that," he explained.
Another metaphor Fabian used was the growth of a fungus on trees, comparing governments and organizations like the UN to the trees that were "very hard to move." "You can't force the trees to change the way they do it. You have to do it subtly and then it has to be organic," he noted.
Miyaguchi, President of the Ethereum Foundation, shared her involvement in this pioneering collaboration. They first met in Japan, and after several conversations, she recognized Fabian’s deep understanding of the crypto space and its potential to aid UNICEF and other organizations. "I made the decision to work with UNICEF... but at the same time it was, it had to be the right team," she said.
In October 2019, UNICEF launched its CryptoFund, calling it a "new financial vehicle... allowing UNICEF to receive, hold, and disburse cryptocurrency." This move marked a first for the UN and provided funding for eight emerging technology companies in the form of 125 ETH. Since then, the CryptoFund has extended its support to bigger projects, such as Fabian’s Giga, a company designed to bring Internet and technology to underserved populations.
This adoption of cryptocurrency for human development by UNICEF presents a forward-thinking approach within the United Nations system, setting a precedent for others to follow. The collaboration between UNICEF and Ethereum serves as a significant milestone in leveraging digital assets for social good, fostering innovation, and aiding under-resourced regions.
- Christopher Fabian, during his talk at ETHPrague, described crypto as a vehicle for storing and circulating funds, similar to a motorcycle delivering vaccines to remote areas.
- As part of its pioneering collaboration, the Ethereum Foundation's President, Aya Miyaguchi, recognized Fabian’s deep understanding of the crypto space and its potential to aid UNICEF and other organizations.
- In October 2019, UNICEF launched its CryptoFund, marking a first for the UN, as it allowed UNICEF to receive, hold, and disburse cryptocurrency, providing funding for emerging technology companies and projects.
