Vitalik Buterin- a founder of Ethereum, has donated $1.14 billion in the form of cryptocurrency to India
Vitalik Buterin- a founder of Ethereum: As digital currencies are getting raised at a huge level, which is admiring different nations to adopt the cryptocurrencies in the routine.
As India is going through the hit of the second wave of Covid-19 pandemic, the situation worsens day by day. The accused shortage of medical equipment and other life-saving supplies has been noticed throughout this time. The countries from the entire world are stepping ahead to spot India by providing medical assistance and many other supplies. Recently, Vitalik Buterin, founder of Ethereum, which is the world’s second-largest cryptocurrency, has donated an amount of $1.14 billion to India cryptocurrency. It is a huge amount and first-ever donation in digital currency, which was unexpected by India. As digital currencies are getting raised at a huge level, which is admiring different nations to adopt the cryptocurrencies in the routine.
The donation in the form of cryptocurrency by Vitalik is a huge philanthropic gesture that has created confusion in the financial sector of India. It is mainly because the Indian banking system does have any legal gateway to perform the transactions. It has been reported the major contribution of donation is in the form of Shiba Inu, which is a digital currency having the dog themes meme. It has been launched on the internet as the rival of Dogecoin, which Elon Musk has endorsed.
Vitalik buterin is just 27 years old young man who mentioned transferring almost 500 Ethereum coins along with 50 trillion Shiba inu coins. It has been directly transferred to India’s Covid-Crypto fund, which is managed by Sandeep Nailwal, an Indian entrepreneur of crypto. It is one of the highest ever donation which any individuals do in the form of digital currency.
What about the use of donation that is in the form of cryptocurrencies?
After the donation, there is huge confusion going among the regulatory of India. They are highly confused about how such a big donation will be used to attain relief. There are no digital currency transactions conducted by any of the official body and how such a huge amount will get converted. The sudden plunge in the value of these digital currencies has been noticed, which has admired the investors for investing in this digital currency. This is because people think it is a good opportunity to invest and trade Ethereum and Shiba Inu as the amount of money donated is so huge.
The key issue that has made people concerned about this issue is that the central bank is not ready to adopt cryptocurrency. It is the only reason why they have not yet announced any stable platform that can be used for performing digital currency-based transactions. Actually, the central bank has not yet issued any of the regulations or policies regarding the use of digital currency, which has created confusion among the banks whether to support the digital currency or not.t is the only reason why the Indian based crypto platforms are not able to offer a service due to issue with their banking partners.
Actually, the donation amount exceeds $1 billion, which is the only reason that it would not be possible to convert this amount into fiat currency without taking support from the banking institutions. There are some lengthy formalities that are to be undertaken for the conversion of such a big amount. It is a really complicated task for the banking institutions as, without the instruction and authorization of the central bank, it would be a challenging task to liquid the amount.
One of the well-known news streaming platforms named Business Daily Mint express reported that Nailwal has mentioned that it will be a very genuine process to convert the donation amount into fiat currency. They will consider the use of an entity that has been settled in the United Arab Emirates. It has been serving global users a service in which the Ethereum can be easily converted and transferred through a foreign account. Once the converted amount has reached the foreign account, it will be processed to the Indian NGOs. This all will be regulated under the foreign contribution Amendment act.
Still, there are more possibilities that several donations will be received in the form of digital currencies like Ethereum. The proper system like https://thecryptopunks.com has been arranged so that there should not be any kind of hindrance in the movement of the payments.