So far, around $20 million has been paid out two months after Ethereum co-founder Vitalik Buterin contributed about $1 billion in cryptocurrencies to an India Covid relief fund.
According to Sandeep Nailwal, a New Delhi-based entrepreneur who formed the India Covid Crypto Relief Fund, which received the contribution, cashing out an illiquid asset, dealing with government rules, and transferring the money to the correct areas isn’t straightforward.
According to Sandeep Nailwal, a New Delhi-based entrepreneur who formed the India Covid Crypto Relief Fund, which received the contribution, cashing out an illiquid asset, dealing with government rules, and transferring the money to the correct areas isn’t straightforward.
Local rules have taken time as well. According to Nailwal, the fund has gradually converted the tokens into dollars and subsequently rupees to comply with India’s Foreign Contribution Regulation Act, with around 80% finished so far.
Nailwal also stated that he has been conservative with disbursement, saying 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 preparing to engage a big-name audit firm to make sure everything is in order. Ethereum co-founder covid crypto donation.
Nailwal, who founded the fund in April after an unexpectedly lethal coronavirus outbreak wreaked havoc on India, said the fund is now focusing on the next likely outbreak. It has given to groups that help distribute food across the country, as well as 10Bed ICU, which is focused to establishing mini-intensive care rooms for patients with severe instances of Covid-19 in rural India.
“We have been in preparation for the third wave,” Nailwal said.
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Source: The Economic Times