How the UN’s Blockchain Revolution Is Reshaping Global Finance—And Why Banks Should Be Nervous
The United Nations isn't just dipping toes into blockchain—it's diving headfirst. Their latest initiative? Training governments to harness decentralized tech while dismantling legacy banking's iron grip. Here's why it matters.
The Playbook: From Bureaucracy to Blockchain
Forget dusty IMF manuals. The UN now teaches officials to deploy smart contracts for aid distribution, tokenize national assets, and audit corruption-resistant ledgers. Early pilots in emerging markets show 60% faster disbursement of humanitarian funds—while cutting middlemen fees by 85%.
Central Banks vs. Code
Meanwhile, CBDC projects backed by UN tech teams threaten to bypass correspondent banking entirely. One Eastern European treasury recently settled cross-border payments in 12 seconds flat—a not-so-subtle middle finger to SWIFT's 3-day 'standard.'
The Cynic's Corner
Of course, Wall Street will lobby hard to 'regulate' this revolution into a private permissioned blockchain—preferably one that still charges 2% for the privilege of moving your own money.
Game on.
Global Advisory Group in the Works
Pasicko also shared that discussions are underway to create a UNDP-led blockchain advisory organization, first proposed during a UN General Assembly in New York attended by leading blockchain entities such as the ethereum Foundation, Stellar Foundation, and Polygon Labs. If approved, the advisory body could launch within two to three months.
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The UNDP currently operates blockchain pilots in 20 countries, focusing on financial inclusion and decentralized services. One such partner is Decaf, a crypto-powered payment system that enables users to transact without traditional banks. “How much longer do you need ordinary banks if you can bypass them with such apps?” Pasicko asked.
“Do We Even Need ATMs Anymore?”
Drawing a parallel to how phone booths became obsolete, Pasicko said traditional banking infrastructure like ATMs may face a similar fate as blockchain and digital finance evolve. He suggested that a mix of cryptocurrencies, private stablecoins, and CBDCs will power future financial ecosystems — making physical intermediaries unnecessary.
“All you really need is an internet connection and a smartphone,” Pasicko said. However, he warned that those currently in power “are doing their best to stay in charge,” emphasizing that blockchain, like any tool, “can either empower the masses or widen inequality, depending on how it’s used.”
