We thank @VitalikButerin for his donation of 50,693,552,078,053 SHIBA to @CryptoRelief_ . We plan to do a thoughtful liquidation to ensure we meet our COVID relief goals. (Transparency Update) We have decided to convert the donation slowly over a period of time.
Sandeep Nailwal, a cryptocurrency entrepreneur from New Delhi who created the fund three weeks ago, says he has hit upon a solution. He announced last month that his India Covid Crypto Relief Fund has already identified an entity to convert the donations into rupees, and an aid-receiver compliant with India’s Foreign Contribution Regulation Act. He now vows to “act responsibly” to protect the retail community. The fund intends to liquidate only gradually to protect prices. Ethereum Founder’s $1 Billion Gift Rocks Shiba Memecoin Traders
Prices of Shiba Inu have recovered about 25% in the past 24 hours, according to CoinGecko.com. Not only did the contribution — more than 5% of total Shiba Inu coins in circulation — send prices plummeting by 50%, it also created questions about how to use the currency in a country that strictly monitors foreign inflows and where the central bank has voiced “major concerns” about cryptocurrency in general, forget about a memecoin.
Read: What’s India’s Beef With Bitcoin, Really? “Transferring donations, even large ones, is secure and simple through crypto,” said Vikram Rangala, chief operating officer of crypto exchange ZebPay, that aims to support Nailwal’s covid fund. “Blockchain has advantages over traditional rupee or other fiat payments. There’s no way that people are using donations as a way to get rid of their crypto. They can just sell it if they don’t want it anymore.” The massive crypto donation comes at a time when India’s regulator has been expressing concerns about the asset class such as questions about the source of funds. That has spurred discussions about whether charities that receive such donations must dispose of the coins before any looming ban.
— India’s Crypto Covid Relief Fund (@CryptoRelief_) May 12, 2021 (1/x)
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