The United Nations Development Programme (UNDP) is interested in exploring how cryptocurrencies can be used for human development while minimizing financial risks, according to a blog post by UN Assistant Secretary-General and UNDP Regional Director for Asia and the Pacific, Kanni Wignaraja. She acknowledges the economic value of cryptocurrencies like Bitcoin and Ethereum and suggests channeling even a fraction of their market value towards areas such as education and healthcare. However, she also highlights the volatile nature and potential for criminal activity in the crypto market, calling for regulatory measures to mitigate these risks while still utilizing crypto for human development. Wignaraja also discusses the potential of central bank digital currencies (CBDCs) and stablecoins, as well as the need for analytics and safeguards when using stablecoins to enhance financial resilience. The UNDP is already working on expanding blockchain and decentralized technology to track funds and reduce corruption, and has launched a blockchain education academy to equip UN personnel with the skills necessary to understand blockchain technology.



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