Wednesday, October 5, 2022

UNHCR Receives Stablecoin Donation Worth $2.5M on Behalf of Ukraine

The United Nations High Commissioner for Refugees (UNHCR) has accepted donations in stablecoin on behalf of Ukraine to enable the victims of the ongoing war to get support in form of relief funds, personal care provisions, and cash gifts. According to the UNHCR, the sum donated came in at $2.5 million (in BUSD) and was given by Binance Charity.

Since the war started in February, the Ukrainians have been on the receiving end of different strikes from the Russian forces. This ugly event has seen several citizens of Ukraine lose their lives, including women and children. Several million have been displaced from their homes, some remain within the shores of the nation, while others have gone to seek refuge in other neighboring countries.

The donation is aimed at catering to the legal, social assistance, and humanitarian needs of the affected Ukrainian citizens at this perilous time.

Speaking on the donation, the Executive Director and CEO of the USA arm of the UNHCR said, “Binance Charity’s commitment to the families fleeing the war in Ukraine shows the innovative philanthropic power of crypto in action.”

The Head of Binance Charity, Helen Hai speaking on the commitment of the organization to help the Ukrainians at this dire time said, “every day we see more casualties, more destruction, more lives lost. Our hearts ache for the people of Ukraine. We are proud that we’ve been able to work with UNHCR to deliver its first BUSD crypto donation.”

Cryptocurrency and its Importance in the War

Cryptocurrency has been a huge source of fund relief for the Ukrainian government in this war. Shortly before the war started, the Parliament of Ukraine moved to legalize digital currencies, and currently, the nation has since then received donations amounting to more than $50 million. 

While the Russian government has received nothing but spite, sanctions, and bans from businesses, government agencies as well as individuals across the globe, the nation is believed to be using crypto in evading sanctions as well as financing the ongoing war.

While the digital asset class has been very instrumental in getting funds to help in this war, seeing that physical banks are under inevitable shut down, the president of Ukraine, Volodymyr Zelenskyy however signed a law in February to regulate cryptocurrencies.

Binance Charity and Donations in Crypto for Ukraine

Binance, amongst other notable crypto firms, has taken the bull by the horn in ensuring that Ukraine has all the support needed to overcome this time of difficulty. 

Asides from developing a crowdfunding site (raising about $900,000 so far) to help in raising cryptocurrency donations, shortly after the war commenced, the crypto exchange firm donated the sum of $10 million as relief funds for the military as well as the citizens of Ukraine who have been seriously affected by the war.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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