By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
LazyTraderLazyTrader
  • Tracker
    • Stocks
    • Forex
    • Crypto
    • ETFs
  • Analytics
    • Advanced Chart
    • Intra Day
    • Technical Analysis
    • Watch List
    • Analytics Platform
  • News
    • Stocks
    • Forex
    • Crypto
    • Videos
  • ToolsNew
    • TradingView
    • Forex Calculators
    • Forex VPS
    • MetaTrader
  • Academy
    • The Swedish Investor
    • Freenvesting
    • Finaius Films
    • Chat with Traders
    • Millionaire Secrets
    • Investor Archive
    • Book summaries
  • Buy LazyTrader
  • Contact
Reading: The UN Is Sending War-Torn People In Ukraine Aid In Crypto
Share
Aa
LazyTraderLazyTrader
Aa
  • Menu
  • Academy
  • Buy LazyTrader
  • Tools
  • Insights
  • Contact
Search
  • Tracker
    • Stocks
    • Forex
    • Crypto
    • ETFs
  • Analytics
    • Advanced Chart
    • Intra Day
    • Technical Analysis
    • Watch List
    • Analytics Platform
  • News
    • Stocks
    • Forex
    • Crypto
    • Videos
  • ToolsNew
    • TradingView
    • Forex Calculators
    • Forex VPS
    • MetaTrader
  • Academy
    • The Swedish Investor
    • Freenvesting
    • Finaius Films
    • Chat with Traders
    • Millionaire Secrets
    • Investor Archive
    • Book summaries
  • Buy LazyTrader
  • Contact
  • Contact
  • Blog
  • Complaint
  • Advertise
© 2022 Lazy Trader. All Rights Reserved.
LazyTrader > Insights > Crypto > The UN Is Sending War-Torn People In Ukraine Aid In Crypto
Crypto

The UN Is Sending War-Torn People In Ukraine Aid In Crypto

Team Lazy
Share
SHARE

A growing number of human rights organizations from around the world are turning to crypto and blockchain technology as a remedy to challenges in underdeveloped or conflict-torn countries caused by a lack of financial infrastructure or insufficient identity verification.

Contents
Cryptocurrency: The Faster AlternativeThe Crucial Role That Crypto Plays During Times Of Crisis

Through a new blockchain-based humanitarian program, the Office of the UN High Commissioner for Refugees (UNHCR) will send cryptocurrency to Ukrainians displaced by Russia’s atrocities.

Stellar Development Foundation announced on December 15 that it has partnered with UNHCR to deliver USD Coin, a stablecoin pegged to the US dollar, to Vibrant digital wallets of eligible applicants.

- Advertisement -

The relief beneficiaries can then get the funds in dollars, euros, or their native currency, which they can exchange at MoneyGram outlets throughout the world. In Ukraine, there are 4,500 MoneyGram locations, according to a statement.

Image: Cryptobite

Cryptocurrency: The Faster Alternative

The program’s developers hope that this will allow refugees to get aid more easily, regardless of whether or not they have access to a bank account.

In the release, UNHCR Representative to Ukraine Karolina Lindholm Billing stated, “UNHCR has been engaging with the IT sector for years, and it has played a crucial role in helping us innovate to provide aid more quickly, as speed is of the utmost importance in humanitarian operations.”

Before the beginning of the month, the Partisia Blockchain Foundation hosted a “hackathon” in conjunction with the International Committee of the Red Cross. The purpose of the event was to determine how the Partisia network may be utilized to improve the efficiency of Red Cross humanitarian aid payments.

Even if the digital currency market has had a rough couple of months due to events such as the FTX collapse last month and the charges filed against former CEO Sam Bankman-Fried, the UN relief program provides a concrete example of how cryptocurrencies can be put to use in the real world.

In the months after Russia’s invasion of Ukraine, digital currencies have played a major role in channeling aid money to displaced people and the Ukrainian government.

The Crucial Role That Crypto Plays During Times Of Crisis

Already, cryptocurrency has played a significant role in the continuing fight. According to government sources in March, the government secured nearly $100 million in crypto contributions in the early days of the conflict to fund operations.

The UN will launch its digital currency assistance program in Kiev, Vinnytsia, and Lviv, Ukraine’s three major cities. After six months of testing, it will be rolled out to more needy individuals in the country and Ukrainian refugees in 2023, according to officials.

Crypto total market cap at $766 billion | Chart: TradingView.com

Oleksandr Bornyakov, deputy minister of digital transformation of Ukraine, said:

“For fleeing Ukrainians […] this pilot project providing humanitarian assistance using a digital wallet, will serve as a possible lifeline for survival.”

The Stellar Development Foundation is a non-profit organization created in 2014 with the objective of assisting the growth and development of the Stellar open-source network.

Stellar has collaborated with Mercado Bitcoin, the largest cryptocurrency exchange in Latin America, to launch a project that will investigate potential applications of a digital currency issued by a central bank (CBDC).


Source link

Team Lazy December 17, 2022
Share this Article
Facebook Twitter Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

You Might also Like

Crypto

Oxford PhD Student Jailed For Defrauding Investors Of $2.6 Million In Crypto

5 Min Read
Crypto

You’re Still Early: An Objective Look At Bitcoin Adoption

11 Min Read

BNB Chain on-chain activity bucks bear market downtrend in Q4: Messari

4 Min Read
Crypto

FTX seeks to claw back political donations by the end of February

2 Min Read
Crypto

Baby Doge Coin Makes A Surprising 116% Leap

4 Min Read
Crypto

SingularityNET (AGIX) Sets Off 126% Blast In Last 7 Days

4 Min Read
Crypto

Shiba Inu price rebounds 100% after record lows against Dogecoin — More upside ahead?

4 Min Read
Crypto

FTX-tied townhouse in Washington DC unlisted: Report

3 Min Read
Crypto

Reduced To Penny Stocks In 2022, Public Bitcoin Miners Are Primed To Come Back

7 Min Read
Crypto

Bitcoin Derivatives Market Volumes Show Bullish Trend After 2022 Downturn

4 Min Read
Crypto

Why The Shiba Inu Community Is Baffled By Binance 6.4 Trillion SHIB Transfer

4 Min Read
Crypto

The world must take a ‘collective action’ approach to regulations – suggests India’s Finance Minister

3 Min Read

© 2022 Lazy Trader. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?