Over the last 12 months, Russia’s full-scale invasion of Ukraine has led to the displacement of over 14 million people. This crisis has left many without access to basic necessities such as food, shelter, and financial resources. However, the introduction of cryptocurrency in the form of USDC has provided an innovative solution to help refugees rebuild their lives. In this article, we explore the use of crypto in Ukraine and how it is changing the lives of refugees.
The United Nations High Commissioner for Refugees (UNHCR) has been working tirelessly to provide aid to refugees in Ukraine since the conflict began. In order to reach as many people as possible, they have introduced a new way of delivering aid in the form of cryptocurrency. Specifically, the UNHCR has been using the USDC coin, which is locked to a $1 valuation and hosted on the Stellar network. This provides refugees with a stable and reliable form of currency that they can use to purchase basic necessities.
The use of cryptocurrency has many benefits for refugees in Ukraine. Firstly, it provides a secure and accessible way to access financial resources. With the use of smartphones, refugees can easily access their digital wallets and exchange their USDC for local currency at any MoneyGram facility. This allows refugees to purchase the basic necessities they need to survive, such as food, shelter, and medical supplies.
Secondly, the use of cryptocurrency provides refugees with a more transparent and efficient way of receiving aid. Traditional methods of delivering aid, such as cash or physical goods, can often be slow and bureaucratic. Cryptocurrency allows aid to be delivered quickly and directly to those who need it most, without the need for intermediaries. This means that aid can be delivered more efficiently, and refugees can receive the support they need without delay.
Finally, the use of cryptocurrency can help refugees to rebuild their lives. By providing them with a stable and reliable form of currency, refugees can invest in their education and start businesses, which can…