A noble move is unfolding on Twitter since April 24. Crypto donations are pouring in from noted personalities. As India’s health infrastructure witnesses a major crisis in tackling the second wave, the crypto community has joined hands to support the Covid-19 Relief Fund Campaign. Till now, an approximate amount of 1.9 Million Dollars have been raised. The united action came in response to Sandeep’s appeal to the 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….
With every number of tweets, he tried to reach out to major Indian crypto exchanges, namely WazirX, CoinDCX, Bitbns, for help regarding the conversion of the raised money into fiat for giving it to the frontline organizations helping to fight against coronavirus, along with providing essential equipment to the needy. He even reached out to Indian projects and founders for support.
Sandeep got a ping on the regulatory regime to which he replied :
Our Hows should not affect our Why
As per his tweet update, Vacpad offered to ‘lead the regulatory and audit part for the campaign’ along with finance teams ‘volunteered to manage the accounting and publishing a transparent document for the initiative.’
The Covid-19 Relief Fund Campaign attracted donations from notable personalities, including Balaji Srinivasan, Vitalik Buterin, Justin Sun, Nikhil Chinapa, Nischal Shetty, and many more. Vitalik contributed 100 Maker (MKR) tokens to the campaign as well.
Amidst the donations constantly pouring in, some are still in speculation of legal circles of the country in and around cryptocurrencies. India already has an uneasy relationship with crypto. Cryptocurrencies are seen as a risk in funding as it is not regulated and tracked by any nation, which becomes very necessary in the case of funding for a cause, where accountability is also a question.
The current problems seem to lie in the very characteristics of the way cryptocurrencies function. As the cryptocurrencies are not regulated and remain anonymous and are backed by blockchain following no boundaries. Also, one expert said:
It is viewed as any venture capital (VC) or private equity (OE) supporting Covid cause but in this case, stands out for no traceability of the source.Source: Financial Express
With the nation planning to propose a law on banning cryptocurrencies, however supporting the technology behind it, wherein March 2020, the Supreme Court struck down the restrictions imposed earlier by the Reserve Bank of India, it became possible for crypto exchanges to operate in India and procure a bank account thereafter. The central bank has been planning to launch its own digital currency.
Also, on the other hand, cryptocurrencies have deemed to perform a rapid action in response to the reaction for the cause, as a huge sum of money was raised globally within a day, barring geographical boundaries.
There is still no clarity if India will be open to cryptocurrencies in the future or not. However, this is one noble cause where cryptocurrencies are taking part in nation-building, where the centralized authority seems to abstain from using it.
As of Monday, 26 April 2021, India has reported more than 350,000 new covid cases — its fifth straight day of at least 300,000. It reported 2,800 covid related deaths. The government also ordered Twitter to remove posts critical of Prime Minister Narendra Modi and his government’s handling of the coronavirus pandemic as India struggles to get on a new wave of COVID-19 cases. This order comes at a time when social media platforms are flooded with requests for oxygen, intensive care unit (ICU) beds, and blood plasma amid the deepening COVID-19 crisis. Right now, less than 2% of India’s population is fully vaccinated.
Please visit CryptoRelief to donate and help India fight the Covid-19 crisis.