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Stellar Foundation and UNHCR collaborate to distribute USD Coin on the Stellar network

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Indrani bose Follow

INDIA

Dec, 19 2022

Dec, 19 2022

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Stellar Foundation and UNHCR collaborate to distribute USD Coin on the Stellar network as a form of cash assistance to Ukrainian refugees.  Any MoneyGram station will accept the USDC tokens for redemption.


Refugees can now receive aid without having bank accounts or accessing the ones they do have. X Stellar Initiating a trial relief program in the Ukrainian cities of Lviv, Kyiv, and Vinnytsia due to this partnership. The UN will provide cash in the form of USD Coin (USDC) through this scheme to both internally displaced people and war victims. A beneficiary must utilize a Stellar-based Vibrant digital wallet in order to be considered for the blockchain-based initiative and to access the USDC funds. Receivers will be able to cross borders without having to hassle with changing fiat currency by using USDC instead of cash.


The United Nations (UN) and Stellar are currently using the country's growing cryptocurrency market to aid its internally displaced citizens. Through this initiative, the actual applications of cryptocurrencies would also be revealed, albeit the volatility argument cannot be taken into consideration because stablecoins always keep a 1:1 value with USD. Price declines for XLM In association with the International Committee of the Red Cross, the Partisia Blockchain Foundation hosted a "hackathon" on December 2 earlier this month. The event's purpose was to identify ways in which Red Cross payments for humanitarian support may be made more effective through the Partisia network.


Reaches done on the use of blockchain for the benefit of aid recipients. 

Researchers from the Digital Humanitarian Network published their findings in in their study "Inventory and Recommendations” where they found blockchain did improve the ability of some organisations to give aid more effectively. Another blockchain project launched by the World Food Programme, Building Blocks, aimed to address the problem of duplicative aid, or multiple aid services providing the same aid to the same people.


A collaboration of 121 different humanitarian organizations’ Direct Cash Aid initiative had stopped using blockchain as the technology didn't advance its objectives. Direct Cash Aid aimed to assist beneficiaries in Ethiopia, Malawi, Kenya, and the Netherlands who were unable to create their own evidence of identity by using a blockchain-based self-sovereign identity (SSI). 

 


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Indrani bose

CBW - External Analyst

INDIA

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