Ukrainians can receive cryptocurrency from the UN

For the first time since the beginning of Russia’s full-scale military aggression against Ukraine, the UN will pay social assistance to internally displaced persons in USDC cryptocurrency. At the moment, the first 100 people have already received the payment. The project operates in Kyiv, Lviv, and Vinnytsia.

The UN said that by the end of April, 5,000 people will receive assistance. However, the organization refused to specify the exact amount of money allocated to finance the program, how much has already been spent, and whether Ukrainian IDPs receive the same assistance. All that is known is that the program started in 2022. It can be concluded that the program is openly «slowing down» if only 100 people have received USDCs so far.

The program organizers emphasize the benefits of paying aid in cryptocurrency — Ukrainians will be able to store assets on a digital wallet and convert funds into any currency at any time using the MoneyGram service. The UN has foreseen that some Ukrainians may have lost access to bank accounts, so they need to install the Vibrant crypto wallet to receive cryptocurrency.

Ukraine could become an ideal platform for experimental financial services of this kind, the agency believes. «Ukrainians are a community that is accustomed to change and quickly accepts the introduction of technology. In addition, you have whole generations of people scattered around the world,» said Dora Khomyak, a board member of Razom, a nonprofit organization focused on Ukraine. «Combine all these things, and going beyond formal banking makes sense.»

As a reminder, on March 16, 2022, President Volodymyr Zelenskyy signed a law on virtual assets that will legalize the crypto sector in Ukraine. Last year, our country was ranked third in the rating of cryptocurrency accept ance by the population. According to Tripple A, a research company, the percentage of Ukrainians owning digital assets increased by more than 2% over the year. Thus, as of the beginning of 2022, 15.72% of the population, or 6 million people, owned cryptocurrencies. It should be added that since December 2022, Ukraine has been working with international consultants to launch a national cryptocurrency.