United Nations Sends Ukrainian War Victims USDC Stablecoins via Stellar Blockchain

The United Nations Refugee Agency is investigating the possibility of utilizing Bitcoin as a method of providing assistance to persons in Ukraine who have been affected by the violence, including those who have been internally displaced.

The United Nations High Commissioner for Refugees (UNHCR), which is an institution of the United Nations tasked with assisting and protecting refugees, is launching a solution that is based on blockchain technology in order to transfer funds to Ukrainians who have been impacted by the ongoing invasion by Russia.

Kyiv, Lviv, and Vinnytsia are the three major cities in Ukraine to which a large number of people have fled either because their homes were devastated by Russian missile attacks or because they were looking for a safe haven for their families. The United Nations High Commissioner for Refugees (UNHCR) is in charge of determining which individuals are eligible to receive relief help and distributing that aid accordingly. These three cities are playing host to the very first iteration of the program’s trial run at the moment.

Vibrant is a non-custodial mobile digital wallet that is based on the Stellar blockchain and offers users a secure location to store and transfer assets denominated in USDC, a popular dollar-pegged stablecoin. Vibrant is accessible via any mobile device. Users need to download Vibrant, which is a mobile digital wallet before they can become members of the community.

After receiving USDC, recipients have the choice of converting it to either U.S. dollars, euros, or the currency of their native country. Additionally, recipients have the ability to withdraw their funds at any of the hundreds of thousands of MoneyGram stations situated all over the world.

Stellar Aid Assist, a Stellar-based solution that enables users to pay money promptly and securely on the blockchain, will be utilized in the pilot project. This will be done through the use of Stellar Aid Assist. Stellar Aid Assist will be utilized in the execution of this project, which is being carried out in conjunction with the United Nations International Computing Centre (UNICC), which serves as a provider of technology solutions.

This pilot project, which will provide humanitarian assistance by means of a digital wallet, will serve as a possible lifeline for survival for Ukrainians who are evacuating their homes and, in particular, for those whose banks are currently inaccessible. It will also serve as a possible lifeline for survival for those Ukrainians whose homes have been destroyed. “The initiative itself is a vivid example of how blockchain has the power to reform and change the way humanitarian funding is delivered,” said Oleksandr Bornyakov, Deputy Minister of Digital Transformation for Ukraine, in a statement that was released.

Advertisement

The High Commissioner for Refugees of the United Nations (UNHCR) is in charge of assessing who is eligible for help and administering that assistance to those who need it. This enables the United Nations High Commissioner for Refugees (UNHCR) to provide assistance to persons who have been displaced as a result of the war in meeting their fundamental requirements such as having a place to live, food to eat, access to medical treatment, and warmth during the winter months.

“quickly, transparently, and without the need for bank accounts or credit or debit cards,” as stated by Denelle Dixon, the Chief Executive Officer of the Stellar Development Foundation, this method guarantees that the funds will reach the people who require them in a timely manner.

The Stellar Development Foundation (SDF) made the statement in December 2017 that an electronic version of the Ukrainian currency, the hryvnia, would be tested utilizing the Stellar blockchain. The hryvnia is the national currency of Ukraine. The hryvnia is the currency that is used legally throughout the country.

“SDF, together with UNHCR, is fulfilling the promise of blockchain and pioneering a new future for the delivery of billions of dollars in aid granted annually,” said Dixon in a statement. “Blockchain is a decentralized digital ledger that can be used to record and verify transactions.” In addition, Dixon stated that “SDF is realizing the promise of blockchain because it is the future.”

For More Blockchain News, Click Here.

Advertisement