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Growing Role of Digital Assets and Crypto in Relief Efforts

Key Takeaways
  • Cryptocurrency is increasingly becoming a preferred method for donations, with benefits like tax savings and lower transaction costs.
  • Japan leverages crypto donations to aid earthquake victims, with millions in yen contributed by crypto donors for relief efforts.
  • Crypto donations played a crucial role in assisting Ukraine during the Russia-Ukraine conflict and aiding India during the Covid-19 pandemic.
05-Jan-2024 By: Gunjan Sahu
Growing Role of Digi

Crypto Donation Pace Growing, International Charity Embracing

As Cryptocurrency becomes a significant means of digital transactions, it is playing a crucial role in donations as well. Many charities have started accepting crypto donations, including international charities accepting Bitcoin and other cryptocurrencies. Behind this trend is the potential benefits of donating through Cryptocurrency. Donating in Cryptocurrency has the advantage of saving tax money, and the transaction cost for receiving donations in Cryptocurrency is often lower than the amount on credit or debit cards. Perhaps that's why crypto donations are emerging as a new way of contributing.

Crypto Donations Aiding Japan

Japan has witnessed devastation since the beginning of 2024. On January 1, a powerful earthquake with a magnitude of 7.6 struck, causing significant loss of life and property. The earthquake has confirmed the deaths of 73 people so far, and the search for those trapped continues. However, the relief workers involved in rescue operations are facing challenges due to rain and cold weather. Amidst this, Cryptocurrency is emerging as a major tool to deal with the crisis in Japan. Several prominent companies in Japan are creating a donation platform to help victims of the Noto Peninsula Earthquake, which includes crypto donations. 

According to information, Crypto donors have already contributed "tens of millions of yen" worth of tokens to help earthquake victims. Japan had recently abandoned corporate tax on unrealised gains in crypto. HashPalette, a part of the HashPort Group and a member of the Japan Cryptocurrency Business Association (JCBA), is involved in this effort. Additionally, eight blockchain networks have set up donation channels, including Palette, TRON, Cardano, Polygon, Neo, Qtum, The Mask Network, and IOST Blockchain protocol. Other firms have also initiated a campaign with the hashtag #web3prayforJapan.

Crypto Donations in India Benefited During Covid-19

Just as Crypto Donations are proving to be a way out for Japan from its crisis, Crypto also assisted during the conflict between Russia and Ukraine. Crypto Donations played a role in helping Ukraine during the war between Russia and Ukraine. In the midst of the war between Russia and Ukraine, Ukraine received $70 million in Crypto Donations, with ETH donors contributing $28.9 million. 

BTC and USDT donors contributed $22.8 million and $11.6 million, respectively. Besides this, when India was grappling with the second wave of Covid-19, Ethereum co-founder Vitalik Buterin donated $6,06,110 worth of 100 ETH and 100 MKR to the Covid-19 Relief Fund in India. Alongside Vitalik Buterin, Australian cricketer Brett Lee also donated 1 Bitcoin to the PM Care Fund.

Also Read : What Will Happen If The Bitcoin ETF is Approved

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