UN Chooses Stellar Blockchain to Provide Financial Assistance to Ukrainians December 16, 2022 December 16, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsDecember 16, 2022 by Kelly Cromley

UN Chooses Stellar Blockchain to Provide Financial Assistance to Ukrainians

The Stellar Development Foundation (SDF) and the United Nations High Commissioner for Refugees (UNHCR) established a cooperation on December 15 to prototype a digital payment distribution model driven by Stellar to distribute funds to needy Ukrainians. UNHCR is the United Nations organization responsible with safeguarding refugees and anyone relocated by political violence or oppression.

Through the “Stellar Supplies Assist” pilot scheme, Stellar will concentrate on providing UN aid immediately. This was accomplished via partnerships with Circle, MoneyGram International, and the wallet app Vibrant. Stellar Aid Assist is already being employed, per the project’s homepage, “to supply qualifying Ukrainians” with stablecoin USD Coin (USDC) delivered straight to their mobile phones.

“Qualified Ukrainians may enroll with a cooperating relief agency in order to get virtual help via the Vibrant wallet and collect funds at collaborating MoneyGram facilities.”

With Stellar and Vibrant, the UN may move money more quickly and at a lower cost than with traditional means. Furthermore, as the conflict damages the Ukrainian financial system, the percentage of unbanked and underbanked individuals rises. In this context, a system that does not depend on banks is of the highest significance. The purpose of these digitally transmitted cash awards is to give an alternate solution to managing fiat currency at times when it may become impossible or unsafe to hold or transport actual bills.

Because of the deal with MoneyGram, Ukrainian residents will be able to get aid expeditiously “even if (people) do not have a bank account or credit card.” However, Ukrainians will also be able to swap their stablecoin for fiat currency at any MoneyGram location.

Stellar and the International Rescue Committee (IRC), a non-governmental organization (NGO) formed to aid those oppressed for ideological, religious, or cultural grounds, have assisted 33 of the 100 individuals they intend to help by the end of 2022.

Among the benefits of utilizing Stellar Aid Assist to transfer funds to those who require it is that the whole remittance procedure can be traced in real-time, avoiding theft or redirection of cash and providing more transparency for all contributors.

Karolina Lindholm Billing, UNHCR Representative to Ukraine, was ecstatic that both organizations picked Ukraine to trial the Stellar Aid Assist “so that it can serve tens of thousands more individuals who require support as a consequence of the conflict.” she added.

David Miliband, president, and chief executive officer of the International Rescue Committee (IRC), stated that this relationship with Stellar has allowed the IRC to provide Ukrainians alternative opportunities to “get desperately needed economic help” by using blockchain technology.

Denelle Dixon, CEO and Executive Director of Stellar Development Foundation (SDF), stated that the organization was pleased to partner with the International Rescue Committee (IRC) to innovate the supply of humanitarian assistance via Stellar Aid Assist.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.