Carrying cash is risky for displaced people around the world. Because it is likely to be lost or stolen. To prevent this, the UN Refugee Agency UNHCR collaborated with two altcoin projects. In this context, it will distribute aid to internally displaced people from Ukraine and those affected by the Russian invasion.
UN shakes hands with these two altcoin projects for aid program
UNHCR is launching a new Blockchain-based relief program. In this context, UNHCR will transfer USDC, a stablecoin, to eligible recipients’ Vibrant digital wallets running on the Stellar Blockchain. According to the statement, recipients will then be able to receive funds in dollars, euros or local currency from a MoneyGram branch in Ukraine, which has 4,500 units.
Having cryptocurrencies (Bitcoin or altcoins) in a mobile phone makes it possible to travel across borders or over long distances without worrying about redeeming money. The aid will distribute the funds to those most affected by the war to help meet needs such as rent, food, medical care and heating during the winter months. Karolina Lindholm Billing, UNHCR Representative in Ukraine, said in a statement:
Speed is very important in humanitarian aid activities. That’s why UNHCR helps us innovate to deliver aid faster. In this direction, it has been collaborating with the technology sector, which plays a very important role, for years.
UNHCR program in collaboration with Stellar
cryptocoin.comAs you follow, last month has been pretty tough for the crypto market with the collapse of FTX. Questions have risen over crypto, including lawsuits against former CEO SBF. Despite this, the UN’s aid program shows a real-life use case for cryptocurrencies. Months after Russia invaded Ukraine, cryptocurrency played a huge role. Because, thanks to crypto, it was possible to divert funds to refugees and the Ukrainian government.
In March, Alex Bornyakov, Ukraine’s deputy minister at the Ministry of Digital Transformation, made a statement. Bornyakov said the country has raised close to $100 million in crypto donations. Ukraine’s deputy minister of digital transformation, Mykhailo Fedorov, has released a series of NFTs called META HISTORY: Museum of War, which aims to raise money to help defend the country.
Meanwhile, the UNHCR program is in collaboration with the Stellar Development Foundation. Accordingly, it conducts pilot applications in the Ukrainian cities of Kyiv, Lviv and Vinnytsia. In addition, UNHCR will work to include other towns and cities in its scope. The UN said in a statement that the first phase of the project was designed specifically for Ukraine. However, he noted that they think it will spread to other parts of the world over time.
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