The recipients will receive the USD Coin (USDC) in their ‘Vibrant’ wallets, which can then be exchanged for cash at about 4500 MoneyGram locations.
The recipients will receive the USD Coin (USDC) in their ‘Vibrant’ wallets, which can then be exchanged for cash at about 4500 MoneyGram locations.
The United Nations on Thursday said that it will begin aiding Internally Displaced Persons (IDPs) and other war-affected people in Ukraine with cryptocurrency. The aid initiative with crypto-based facilitation is a “first-of-its-kind blockchain payment solution” for digital cash distribution anywhere in the world.
How will cryptocurrency be distributed to IDPs?
The UN High Commissioner for Refugees (UNHCR) will transfer USD Coin (USDC), a cryptocurrency pinned to the US dollar and considered a stablecoin, to displaced Ukrainian people.
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The transfer will be received by displaced individuals in their ‘Vibrant’ digital wallet. The recipients will then be able to exchange it for cash at about 4500 MoneyGram locations in war-affected Ukraine and elsewhere in the world.
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The project will be run by UNHCR in collaboration with the UN International Computing Centre (UNICC), the technology solutions provider of the United Nations.
Which Ukrainian cities will receive cryptocurrency aid?
As of present, the UN will distribute aid via USD coin cryptocurrency in Kyiv, Lviv, and Vinnytsia cities. It will then expand to other towns and cities in Ukraine.
When will cryptocurrency aid be distributed in Ukraine?
The UN said that it has extensively tested the cryptocurrency aid solution extensively tested over the last six months and is “expected to be expanded to reach more war-affected people inside Ukraine as well as refugees from Ukraine in early 2023”, according to an official statement.
Will crypto-based aid be expanded elsewhere too?
The United Nations in an official statement depicted the USD Coin cryptocurrency transfer to Ukrainians displaced by war as a “pilot phase” of the crypto-based aid project. “The pilot phase of the project is designed specifically for Ukraine but can be adapted worldwide,” the statement by United Nations High Commissioner for Refugees (UNHCR) said.
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