Popular crypto personalities donate to the Indian Relief Covid fund as India keeps hitting record daily numbers of cases and its death toll the covid-19 crisis worsens every day in the country.
The crypto population is beginning to exhibit harmony with the nation, 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:
I can’t take this sitting down anymore; I will run a Covid relief campaign instead of what’s occurring in India. Need assistance 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 his Twitter profile proof of his contribution of 100 ethereum (ETH) and 100 makers (MKR), both worth over $600,000 as of press time.
As reported in the data, Srinivasan, a former executive of the now-publicly listed crypto company Coinbase, donated 21.74 ETH worth $54,224.66.
Furthermore, 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.”
Will India block crypto donations at some point?
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 Cryptonetwork.News has been covering in the last few months as India is set to propose a law banning cryptocurrencies. They are planning to “fining anyone trading in the country or even holding such digital assets.”
But also, the proposal could be stricter than expected. The government is also reportedly considering the blocking of IP addresses of crypto companies and exchanges “on which trading in cryptocurrencies is happening.”
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