The Covid-19 crisis is getting worse every day in India as the country continues to record record numbers and fatalities every day. The crypto community is starting to show solidarity with the country as major players such as Ethereum co-founder and a well-known investor announced crypto donations to provide support.
Buterin also contributed with Makerdao funds
Indian tech founder Sandeep Nailwal – founder of the Ethereum scaling platform Polygon – set up a fund to help with the crisis, and Vitalik Buterin and Balaji Srinivasan publicly announced their donations.
On April 24 via Twitter, Nailwal disclosed the campaign he launched to tackle the pandemic-devastated country, especially calling for help to the crypto community:
I can’t keep this up anymore, I’m going to run a Covid aid campaign instead of what’s going on in India. Need help from the global crypto community. I take full responsibility for transparency, use of funds and regulatory compliance.
The same day, Buterin thanks Polygon’s founder for the campaign and posted on his Twitter profile proof of his contribution of 100 ethereum (ETH) and 100 maker (MKR), both valued at over $ 600,000 at the time of writing.
Srinivasan, a former director of the now publicly traded crypto firm Coinbase, donated ETH 21.74 worth $ 54,224.66, according to data from markets.Bitcoin.com. Besides, he announced that for every RT of his public call to contribute to the fund, he would donate amounts from $ 50 to a maximum of $ 100,000 “to fight COVID in India”.
Could the crypto donations be blocked by the Indian government at some point?
While this philanthropic initiative is well received in the troubled times in which India lives today, there can be issues with crypto donations, particularly in the regulatory field.
As Bitcoin.com News has discussed in recent months, India will propose a law banning cryptocurrencies, “imposing a fine on anyone who trades or even owns such digital assets in the country.”
But the proposal could also be tougher than expected, as the government is also reportedly considering blocking crypto companies’ IP addresses and exchanges “on which cryptocurrency trading takes place”.
What do you think about the crypto donations to help India? Let us know in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to an offer to buy or sell, or a recommendation or endorsement of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.