- The cash distribution pilot program, by Stellar Lumens and UNHCR, is being piloted in Kyiv, Lviv, and Vinnytsia and will expand to other towns and cities in Ukraine.
- Recipients can choose to convert cash to dollars, euros, or local currency and withdraw their funds at any global MoneyGram location, including over 4,500 MoneyGram locations in Ukraine.
The Stellar Lumens ecosystem, an open network for storing and moving money, has announced a first-of-its-kind integrated blockchain payment solution with the UN Refugee Agency and UNHCR. According to the announcement, the Stellar Development Foundation (SDF), a non-profit organization that supports the development of the Stellar blockchain, will enable digital cash distribution to internally displaced persons (IDPs) and other war-affected people in Ukraine.
The announcement comes as the Kremlin approves the launch of a mass missile strike in Ukraine, reportedly hitting even residential buildings. As such, thousands of Ukrainian people have fled to neighboring countries for peace.
The UN Refugee Agency has, therefore, announced a pilot program with the support of blockchain to extend a helping hand to war victims. Furthermore, the Russia-Ukraine war has been on since the beginning of this year, and analyst forecast it may take decades to rebuild and billions of dollars to repatriate the war victims.
“SDF, together with UNHCR, is realizing the promise of blockchain and pioneering a new future for the delivery of billions of dollars in aid disbursed annually. Using Stellar, we are helping get funds into the hands of those who need them – and doing it quickly, transparently, and without the need for bank accounts or credit or debit cards. We are proud to work with UNHCR to deploy blockchain innovations that will play a role in assisting those in crisis”,
Denelle Dixon, Stellar Development Foundation CEO, and Executive Director.
The Stellar Lumens ecosystem intends to market itself as a utility-based blockchain focusing on helping the unbanked. Moreover, the pilot program between UNHCR and Stellar Lumens will significantly reduce friction and assist people in need to receive aid on time.
“…… For fleeing Ukrainians, and primarily for those whose banks are inaccessible, this pilot project providing humanitarian assistance using a digital wallet, will serve as a possible lifeline for survival …..,”
said Deputy Minister of Digital Transformation of Ukraine on IT industry development Oleksandr Bornyakov.
Stellar Lumens Saves Millions of Ukrainians from Suffering
The stellar Lumens (XLM) ecosystem is among the top blockchains that have existed for a long time in cryptocurrency history. As the cryptocurrency market solidifies in the second decade, the ongoing bear market has raised failure concerns on most altcoins. Consequently, the Stellar organization is keen to build meaningful connections during the 2022 bear market.
According to aggregate data from Binance-backed Coinmarketcap, the global crypto market cap is $827.31 billion, a 3.73 percent decrease over the last day. A year ago, the cryptocurrency market enjoyed over $2.4 trillion in valuation but has since been liquidated.
Notably, the cash distribution pilot program by Stellar Lumens and UNHCR is being piloted in Kyiv, Lviv, and Vinnytsia and will expand to other towns and cities in Ukraine.
Reportedly, recipients can choose to convert aid cash to dollars, euros, or local currency and withdraw their funds at any global MoneyGram location, including over 4,500 MoneyGram locations in Ukraine.
Meanwhile, the pilot program is expected to be extended to the rest of Ukraine in early 2023.
