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Cryptocurrency veterans are donating to India to provide relief, as the country hits a record number of COVID-19 cases.
Several prominent figures in the crypto space, including Vitalik Buterin, have made crypto donations for India’s COVID-19 relief.
Buterin himself donated 100 ETH and 100 MKR, a total of around $650,000. Other donors are Balaji Srinivasan and Polygon co-founder Sandeep Nailwal.
The second most populous country was hit by an increase in cases and set a worrying future record. Due to efforts by authorities and medical institutions to keep up, India recorded fewer than 350,000 cases on Sunday.
After Nailwal set up a cryptocurrency fund for the country, Srinivasan and Buterin donated. Srinivasan hopes to donate $100,000. The fund accepts donations such as Bitcoin, Dogecoin, Tezos, and XRP.
After donating $50,000, Srinivasan spoke about how crypto technology can boost India’s booming economy.
“Today, fast and transparent flows of crypto into India are funding COVID relief. Tomorrow, we can use them to fund India’s small businesses and startups.”
At the same time, India has not yet decided on the status of the cryptocurrency within the country. The authorities often vacillate between prohibitions and legalization.
Insiders and entrepreneurs have championed the government by detailing the economic benefits of cryptocurrency, except that the ban is virtually impossible. Several well-known cryptocurrency companies are already based in India and these companies have received a lot of public attention.
After last year’s calm, India has quickly become the hardest-hit country in the world. India is currently trailing the United States in terms of the number of cases, but the United States’ vigorous vaccination efforts have helped contain the spread of this situation.
The number of cases in India is growing exponentially and the second wave is much more severe. The country dropped its vigilance late last year, and religious and political gatherings contributed to the surge.
The country’s medical infrastructure is deficient, and severe oxygen starvation is particularly fatal. More and more people die in street reports, and videotapes of the cremation also linger.
Other countries have also agreed to help India. India is an economic powerhouse and an important part of the world stage. The United States has agreed to provide materials and Germany has promised to send oxygen tanks into the country.
Given the severity of the case, India may be able to realize that crypto can be used forever. The large amount of donations proves that cryptocurrency has better causal potential than illegal activity.