Vitalik Buterin and Balaji Srinivasan Donate to Indian Covid Relief Fund Despite Country’s Intentions to Ban Cryptos

Vitalik Buterin and Balaji Srinivasan Donate to Indian Covid Relief Fund Despite Country's Intentions to Ban Cryptos

The covid-19 crisis is worsening every day in India, as the country keeps hitting record daily numbers of cases and its death toll. The crypto community is starting to show solidarity with the country, as big 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 revealed the campaign he launched to deal with the devastated country by the pandemic, calling off especially for help to the crypto community:

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.

On the same day, Buterin thanked Polygon’s founder for the campaign and published on his Twitter profile proof of his contribution of 100 ethereum (ETH) and 100 maker (MKR), both worth over $600,000 as of press time.

Srinivasan, a former executive of the now-publicly listed crypto company Coinbase, donated 21.74 ETH worth $54,224.66 according to markets.Bitcoin.com data. Moreover, he announced that for every RT of his public appeal to contribute to the fund, he’d donate amounts starting from $50 to up to $100,000 “to fight COVID in India.”

Could the Crypto Donations Be Blocked at Some Point by the Indian Government?

Although this philanthropic initiative is well-received in the midst of tough times that India is living in nowadays, there could be issues on the road for crypto donations, specifically in regulatory affairs.

As Bitcoin.com News has been covering in the last few months, India is set to propose a law banning cryptocurrencies, “fining anyone trading in the country or even holding such digital assets.”

But also, the proposal could be stricter than expected, as the government is also reportedly considering the blocking of IP addresses of crypto companies and exchanges “on which trading in cryptocurrencies is happening.”

What are your thoughts on the crypto donations to help India? Let us know in the comments section below.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Promoting Bitcoin Could Damage The Reputation Of Banks, ECB Warns

The European Central Bank has cautioned banks against promoting Bitcoin investments, arguing that the cryptocurrency’s apparent calm will likely pan out, plunging prices lower. In a Wednesday blog dubbed “Bitcoin’s Last Stand” by Ulrich Bindseil and Jürgen Schaaf, the director general and advisor of the ECB of the institution noted that banks risked incurring long-term

Bitcoin, Ether Not Securities Because They Have No Issuer: Belgium Regulator

The regulator of the European country said cryptocurrencies issued by computer codes are not considered securities. Brussels is neutral to blockchain technology, a stark contrast to the US. Brussels’ financial authority has clarified that cryptocurrencies without an issuer cannot be classified as securities. The Financial Services and Markets Authority (FSMA) announced that digital assets issued

Over 10K Bitcoin (BTC) Moved To Crypto Exchange, Are Miners Selling?

Bitcoin price rallied after Fed Chair Jerome Powell hinted at slower rate hikes in December and upcoming sessions. The BTC price hit a high of $17,194 with an over 200% jump in trading volume. On-chain data indicates that miners facing financial issues are indeed selling their Bitcoin holdings, with Bitcoin hashrate decreasing continuously due to