wordpress blog stats
Connect with us

Hi, what are you looking for?

How Is Crypto Aid Being Delivered To India?

On Wednesday, Vitalik Buterin, the founder of crypto-blockchain network Ethereum, donated over $1 billion worth of crypto-currencies to the India Covid-Crypto Relief Fund (ICCRF), according to EtherScan. This donation is worth over $7,300 crore (notional), and is perhaps the biggest philanthropic donation to the country by any single entrepreneur. The ICCRF was started by the local crypto-community towards the last week of April, led by Sandeep Naliwal, the founder and chief operating officer at blockchain firm Polygon. The fund has received support from various members of the global crypto community, including Buterin and Silicon Valley veteran Balaji Srinivasan. As of Thursday, the ICCRF had garnered a corpus worth over $1 billion in crypto-currencies. But due to government regulations civil-society groups that are providing healthcare and other relief services across the country, may face issues in trying to access these funds. It is not as simple as selling these crypto-currencies for Indian Rupees and handing over cash to the NGOs. The fund is donating money to only those charities that are in compliance with the Foreign Contribution Regulation Act (FCRA) and is using a Dubai-based banking entity to satisfy regulatory concerns. So far, the fund has managed to donate $2 million to local non-government organisations (NGOs) that are working on the ground in response to the second wave of the COVID-19 virus, Naliwal of Polygon told MediaNama. What is ICCRF's strategy? "The modus operandi is to keep the fund in compliance with regulations. We had initially thought of creating Indian bank accounts…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

News

A viewpoint on why the regulation of cryptocurrencies and crypto exchnages under 2019's E-Commerce Rules puts it in a 'grey area'

News

India's IT Rules mandate a GAC to address user 'grievances' , but is re-instatement of content removed by a platform a power it should...

News

There is a need for reconceptualizing personal, non-personal data and the concept of privacy itself for regulators to effectively protect data

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ