HomeNewsStellar (XLM) Illuminates Crisis Response: Revolutionizing the $650B Remittance Market

Stellar (XLM) Illuminates Crisis Response: Revolutionizing the $650B Remittance Market

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  • Over 110 million people are currently displaced worldwide, largely due to factors like climate change, COVID, and wars.
  • The need for holistic, data-driven, long-term strategies is more important than ever to address rising humanitarian needs.

In a recent report, Stellar, known for its pivotal role in the blockchain and remittance market, took a deep dive into the grave challenges faced by displaced populations. As detailed on “The Realities of Delivering Aid” at stellar.org, the grim reality of over 110 million globally displaced individuals, coupled with an intricate array of crises, warrants immediate attention and action.

Fragmented Aid Sector

The initial barrier in effective crisis response is the fragmented nature of the aid sector. Too often, global crises are met with short-lived solutions that lack a strategic focus on outcomes and evidence. But the International Rescue Committee (IRC) aims to change that. Embracing its Outcomes and Evidence Framework, the IRC is advocating for data-driven, long-term strategies that shift the focus from mere outputs to meaningful outcomes. Details tweeted below:

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The global reverberations of the Ukraine war present another substantial barrier. The conflict disrupts food supply chains, escalates prices, and induces rampant inflation. Alarmingly, some nations are even on the brink of famine. As per the IRC’s Watchlist, food prices have inflated by an average of 39.7% – a rate double that of non-Watchlist nations.

Climate Funding Dilemma

The ever-intensifying threat of climate change has placed vulnerable communities in perilous positions, grappling with limited resources, rising inequality, and ensuing conflicts. The urgent necessity? Action. A minimum of half the climate finance should be directed towards adaptation. Anticipatory steps can mitigate prospective crises, but the hitch remains – a pressing shortage of funds.

David Miliband, the President and CEO of the International Rescue Committee and ex-Foreign Secretary of the UK, underscores the soaring humanitarian requirements triggered by multiple crises. In areas where organizations like the IRC operate, aid delivery faces several impediments. Not only do these barriers merit global introspection, but they also necessitate transformative solutions.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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