$1 BILLION WORTH CRYPTOCURRENCY DONATION TO INDIA

  • 28/07/2021

According to Sandeep Nailwal, a New Delhi-based entrepreneur who founded the India Covid Crypto Relief Fund, which received the donation, cashing out an illiquid asset, complying with government regulations, and getting the money to the right places isn’t easy. So far, about $20 million has been paid out two months after Ethereum co-founder Vitalik Buterin donated about $1 billion in cryptocurrency to an India Covid relief fund.
Local regulations have taken time as well. Mr Nailwal said the fund has gradually converted the tokens into dollars and then rupees to comply with India’s Foreign Contribution Regulation Act, with about 80% completed so far.
Mr Nailwal also stated that he has been cautious with disbursement, stating that he has paid out $20 million so far and has another $20 million on the way. He wants to make sure the money gets to the people who need it most, and he’s planning to hire a big-name audit firm to make sure everything is in order.
Mr Nailwal, who established the fund in April in the aftermath of an unexpectedly deadly coronavirus outbreak that killed a record number of people in India, said the fund is now focused on the next possible resurgence.

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