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- The Flash Appeal seeks $1.1 billion to help 6 million people inside Ukraine over the first three months, according to the website. According to the UN, 12 million people in Ukraine will require relief and protection, with up to 4 million Ukrainian refugees also in need of assistance.
- According to The Washington Post, the UN’s Central Emergency Response Fund (CERF) stated on February 24, 2022 that it would be contributing $20 million to beef up UN humanitarian activities in Ukraine following Russia’s incursion.
- In a typical year, CERF gives around $400 million to 50 different country teams, according to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), and the CERF’s cap for each humanitarian catastrophe is barely $30 million.
Donations in the cryptocurrency have poured in to support Ukrainian operations, totaling nearly $70 million. Official reports suggest that the country has already begun to make good use of financial assistance. Meanwhile, the UN is lagging behind, with only $20 million in donations that aren’t as open as cryptocurrency.
Is The United Nations Unconcerned?
According to The Washington Post, the UN’s Central Emergency Response Fund (CERF) stated on February 24, 2022, that it would be contributing $20 million to beef up UN humanitarian activities in Ukraine following Russia’s incursion. The $20 million will support emergency operations along the contact line in eastern Donetsk and Luhansk, as well as in other parts of the country, according to UN humanitarian chief Martin Griffiths, and will help with health care, shelter, food, and water, and sanitation to the most vulnerable people affected by the conflict.
It would be an understatement to suggest that it was insufficient. Especially after Filippo Grandi, the UN High Commissioner for Refugees, stated: We are on the verge of witnessing Europe’s largest refugee crisis this century. While neighboring nations have shown incredible solidarity and hospitality in hosting refugees, especially from local communities and private persons, much more assistance and protection will be required to aid and protect new arrivals. In a typical year, CERF gives around $400 million to 50 different country teams, according to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA), and the CERF’s cap for each humanitarian catastrophe is barely $30 million.
Meanwhile, the Ukrainian government and a number of non-governmental organizations (NGOs) are using cryptocurrency to receive aid in the fight. The majority of donations have been made in Bitcoin and Ether, with about $70 million raised so far, with the Ukrainian government expecting to reach a total of $100 million in the coming days. This sum is more than triple the UN’s previous allocation. Despite the fact that the organisation and its humanitarian partners are gathering more funds, the initial moves made appear to be slow in comparison to the scale of the situation. It should be a matter of embarrassment that the first significant amount distributed by the UN is as great as the donation provided by the multinational IKEA.
Furthermore, tracking donations made by or to the UN, or any other organization that relies on fiat money, is a difficult undertaking. This is in contrast to the fact that all crypto transactions are transparent. Cryptocurrencies like bitcoin and Ethereum are open-source, which means that their transactions are public, irrevocable, and traceable because they are recorded on a single blockchain. Block explorers like as blockchain.com and Etherscan can be used for this. In some circumstances, companies or projects disclose reports that have already been traced for specific transactions.
SlowMist, for example, has been keeping track of total crypto donations to Ukraine, including the wallet addresses of the donors, and updating the amounts received on a daily basis. Anyone may readily verify the data by copying and pasting these addresses into a block explorer. Banks don’t allow the general public to do so, and donations made in fiat money can’t be tracked in the transparent and open way that crypto allows.
The Flash Appeal Seeks $1.1 Billion
It’s also worth noting that the UN and its affiliated agencies may be allocating more lavish monies in the near future. The UN Refugee Agency (UNHCR) declared that the organisation and its allies have launched a coordinated emergency appeal for $1.7 billion to provide humanitarian assistance to the cause. The Flash Appeal seeks $1.1 billion to help 6 million people inside Ukraine over the first three months, according to the website. According to the UN, 12 million people in Ukraine will require relief and protection, with up to 4 million Ukrainian refugees also in need of assistance.
The financing now available for humanitarian operations in Ukraine is severely inadequate, according to the UNHCR, with the 2022 HRP funded with less than $18 million.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
