With Russian-Canadian cryptocurrency Ethereum co-founder Vitalik Buterin's announcement to donate cryptocurrency worth $1 billion to support Covid-19 relief work in India, debates over the India's Covid Crypto Relief Fund has begun.
The experts are looking at how Buterin’s donation -- in the form of cryptocurrency Shiba Inu, which is part of a growing number of joke digital currencies -- would help India. Reason being both Shiba Inu and Dogecoins aren’t backed by tangible value and hence are less valuable than competitors Bitcoin or Ethereum. Also, they don’t have serious investors behind them too.
What is India's Crypto Covid relief fund?
Now considering these major drawbacks, Sandeep Nailwal, co-founder of Polygon, has taken the responsibility transparency, funds usage and regulatory compliance and set up a crypto Covid relief fund. He also called for the global cryptocurrency to help.
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Country's Covid Relief Fund has now easy accessible details of the current crypto holdings, crypto to bank and bank to grants, reports Business Today.
From where does it accept donations?
The relief fund currently accepts donations in the form of cryptocurrencies which include Ethereum, Ripple, Litecoin, Solana, Tezos, Cosmos, Dogecoin, etc. Co-founder of Polygon even mentioned their addresses via a tweet.
How the donation process works?
Additionally, Nailwal has also started a tweet series where every information from donation to monitoring to accounting/auditing and regulatory clearances have been provided.
Nailwal has shared a Google Form which has basic questions including name, contact details (email, WhatsApp, Telegram, Twitter, etc), transaction link.
What happens after donations?
With donations pouring in the form of cryptocurrency, the group has created a Discord app on which workflow was organised on Airtable, and a transparency dashboard was created.
Following this, a bank account with digital bank FV Bank was created and people have been engaged to talk for Foreign Contribution (Regulation) Act (FCRA) approvals. As the necessary clearances are approved from the regulatory body, the will funds started rolling in.
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How the group is helping?
On April 28, Nailwal announced about the money pouring in the account and by April 30, the fund transferred $999,900 or Rs 7.4 crore to ACT Grants, which aims to provide oxygen for everyone with over 50,000 oxygen concentrators.
Among other things, Nailwal said that the fund was also used to donate 1,000 oxygen cylinders and an additional 1,000 cylinders were donated so that they can be added in the consignment of 1,000 oxygen cylinders donated by Kuwaiti government brought to India by Indian Navy's Operation Samudra Setu-II.
In a recent tweet in May 14, Sandeep Nailwal confirmed that Wintermute has been deployed to properly manage the treasury India's Crypto Covid Relief Fund.