An UNDP officer suggests that the organization wants to find out how cryptocurrency can be used for human development by reducing its financial risk.
UNDP Regional Director and Pacific for Asia, UN Assistant General Secretary and Pacific for Asia, wrote a blogpost on official UNDP site Push for more discovered studies on how cryptocurrency can benefit mankind and economic development.
“It is important that we find out how cryptocurrency, the rapidly developed capacity of Central Bank Digital Currency (CBDCs), and StableCoins could have a positive impact on human development,” Vignraja said.
In its post, the United Nations official has acknowledged the huge economic value that there is alternative investment assets such as Bitcoin (BTC) and Etharium (ETH). He mentioned that in December, BTC and ETH received the market value of $ 3.9 trillion.
“Imagine to channel a part of that too [market value] Towards education, health, skill building and jobs, ”Vignraja said.
Although he believes Crypto provides many benefits, such as immediate boundary transfers and economic upheaval can help support communities with unrelated and underbank in achieving their livelihood, Vignraja Crypto The highly volatile nature of the market and its sensitivity to criminal activity is tired.
Therefore, she asks regulatory measures that can reduce such risks related to crypto, while use as a way to advance human development.
He said, “This may require a non-traditional regulatory structure that allows cryptocurrency to make positive contribution to human development without compromising financial stability,” he said.
In a blog post, Vignraja also highlighted the development of CBDC in major Asian countries like China, India, Indonesia, Thailand, Singapore, Japan and Korea and they could potentially improve accountability and reduce corruption.
Not only this, he also said in the case of stabechines, the organization should start searching for analytics and good practices to determine whether stabechoin can be used safely to increase financial flexibility in recovering communities. .
In addition, it proposed that UNDP began testing the crypto fund under strict security measures to evaluate its impact, saying that the organization already to help track funds and reduce corruption. Working towards the expansion of blockchain and decentralized technology.
In November 2024, UNDP launched a blockchain education academy in collaboration with Algorand Foundation to equip 24,000 United Nations personnel worldwide with the skills necessary to understand blockchain technology.
