Thursday, May 19, 2022

Amid COVID Crisis, Global Crypto Community Lend Their Support To India

During the time of the COVID-19 crisis, the Indian crypto community has come together to help the country.

On April 24, the co-founder and COO of Polygon, Sandeep Nailwal, announced to run a COVID relief campaign to help the Indians. He also assured help from the global crypto community.

Nailwal, while making the announcement, tweeted, “Can’t take this sitting down anymore, I am going to run a Covid relief campaign in lieu of what’s going on in India. Need help from the Global crypto community. I will take full responsibility for transparency, funds usage and regulatory compliance.”

Currently, Nailwal has not thought about the funds’ logistics, but he has mentioned that the aim of the campaign would be to provide vaccination to the underprivileged youth. The COO of Polygon has mentioned that he would raise around a fund of around $8 million and use that money to vaccinate half a million underprivileged youth.

As per Nailwal, in just 40 hours of the campaign announcement, he accumulated over $2.5 million. It appears that this momentum has gained huge popularity, many of the top names from the global crypto community has come forward to help India and have already dedicated a huge amount of money in cryptocurrencies.

The former CTO at Coinbase, Balaji Srinivasan, is the first global crypto personality, who dedicated up to $100k in cryptos to India. Very soon, Vitalik Buterin, the co-founder of the Ethereum network, also joined the campaign and transferred 100 ETH and 100 MKR, worth around $606,110, to the relief funds.

Still, there is some problem with the crypto donation. One of them is to comply with the Foreign Contribution Regulation Act (FCRA). To pool in money from abroad the NGOs are required to comply with the above-mentioned act. Also, unlike many other countries around the world, crypto is not a legal tender in India.

However, the cryptos could be converted into fiat currency and then they can be transferred to the NGOs that have got FCRA-certification.

After this recent situation, the CEO and the founder of WazirX, Nischal, has again raised the issue of crypto regulation. Apart from that, his company has also committed over $1 million to the relief fund in India.

On one hand, the crypto community is coming forward to help India at a time of crisis, on the other hand, the government is wasting time in framing laws.

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