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UNDP Initiates Crypto-powered Energy Project, Starts from Moldova

Cryptocurrency-related innovations are coming thick and fast in Moldova – the latest CIS nation to embrace cryptocurrencies and blockchain technology. While the most recent project might be launched in other nearby countries, too.

Source: iStock/Federico Rostagno

Just days after the country announced the opening of its first cryptocurrency exchange platform, Reuters reports that one of Moldova’s biggest universities will receive a 1 megawatt solar power platform in a crypto-powered crowd-funding drive.

The project, at the Technical University of Moldova, is the brainchild of the UN Development Programme (UNDP), which has teamed up with Sun Exchange, a company that allows organizations to fund solar power drives with cryptocurrencies.

Investors will be able to buy solar cells using the SolarCoin token, issued by blockchain startup ElectriCChain. Investors will receive some 4% percent interest on their investments, and the cells’ ownership will be transferred to the university in 2038.

Reuters quotes, Dumitru Vasilescu, a program manager with UNDP in Moldova, as saying that the agency hopes to repeat the initiative in other nearby countries, adding, that the UNDP hopes to “revolutionize the renewable energy market for Eastern Europe and Central Asia.”

The National Bank of Moldova, meanwhile, recently stated that exchanges are allowed to operate without permission from financial authorities, due to the fact that Moldova has no legislation pertaining to cryptocurrencies.