As India hits the record in increasing Covid-19 case numbers, crypto veterans donate to the country to help with the relief. Numerous high-profile individuals in the crypto space, involving Vitalik Buterin, have made crypto donations for COVID-19 aid in India. Moreover, Buterin himself donated 100 ETH and 100 MKR, amounting to roughly $650,000. Other donors involve Balaji Srinivasan and Polygon co-founder Sandeep Nailwal.
The second-largest nation in terms of population is suffering from a massive increase of cases establishing records that point towards worrying nature. India recorded under 350,000 cases on Sunday, as officials and healthcare facilities strive to cope with the second wave of Covid-19. Srinivasan and Buterin offered the donations after Nailwal introduced a crypto fund for the nation. Srinivasan will donate over $100,000. The fund accepts donations in Dogecoin, Bitcoin, Tezos, and XRP, amongst others.
India’s Stance towards Crypto remains Unclear
Meanwhile, India is still to determine the status of crypto in the country. The authorities have often remained confused between a blanket ban and legalizations. Moreover, entrepreneurs and insiders have tried to influence the government by introducing the economic advantages of crypto, apart from explaining that a ban would be practically impossible. Additionally, India is already home to various prominent crypto companies, which are witnessing tremendous public interest.
However, India has become one of the world’s most affected country by Covid-19. India is recently behind U.S. in terms of the number of cases, but the U.S.’ strong vaccination drive has helped slow down the spread. Contrarily, India is undergoing an exponential rise in the number of cases, with the second wave being much more severe. The country let its guard down late last year, with spiritual gatherings and political rallies adding to the surge.
India’s healthcare infrastructure shows its shortcomings via the dire absence of oxygen, making the situation worse. Reports have emerged of people struggling to reach hospitals, dying on streets, getting treated poorly, with videos of increased cremations. Further, other nations have consented to help India out, an economic powerhouse and an essential part of the world stage. The United States has agreed to offer material, while Germany has pledged to send oxygen tanks to the country. With the severity of cases, India can understand that crypto usage is essential and convenient. The generous donations prove that crypto has far more potential for a good cause than it does for illegal activity.
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