UN To Provide Financial Aid For Ukrainian Through Blockchain Digital Currency

On December 17, local time, the Stellar Development Foundation(SDF) stated that the United Nations High Commissioner for Refugees (UNHCR) has partnered with Stellar Blockchain to send money to displaced persons in Ukraine. Millions of Ukrainians have been stranded since Russia launched a war of aggression against Ukraine in late February this year. The United Nations has been constantly seeking means of assistance. Practice has proved that blockchain is the best alternative when conventional financial relief channels fail. Although the digital currency has faced many challenges in the near future, it has played a good role in Ukraine. The UNHCR intends to use USDC stablecoin in relief projects so they can send funds to Ukrainian refugees and other internally displaced people. Applicants who need assistance can register with a participating relief organization, receive assistance through a designated digital wallet, and then exchange the stablecoin for cash at any MoneyGram location. According to the agency’s website, the Stellar Aid Assist pilot project has successfully sent financial assistance directly via USDC to those in need. With Ukraine’s banking system in bad shape due to the war, many people were unable to send and receive funds. Sending relief funds faster and cheaper than traditional channels through blockchain and digital wallets, without the need for bank accounts or credit cards, has become a new way for refugees to obtain financial assistance from the United Nations.