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A Vibrant future for aid

The UNHCR's decision to make direct cash transfers in stablecoins has lessons for global finance

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Devangshu Datta

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In mid-2022, the United Nations High Commissioner for Refugees (UNHCR) estimated there were some 103 million displaced people worldwide. Of these, 32.5 million were refugees who had been forced out of their country and, therefore, came under the UNHCR’s mandate. More than 70 per cent of those refugees originated from five countries, namely Syria (6.8 million), Venezuela (5.6 million), Ukraine (5.4 million), Afghanistan (2.8 million) and South Sudan (2.4 million).

Looking after them is a huge logistical and diplomatic exercise, with their locations scattered across various countries. In 2016, the UNHCR instituted a policy of cash-based interventions, making direct cash transfers
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