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29-04-2021 | Asia

Crypto enthusiast shows benevolence to india in their tough times of COVID.

Following the second wave of COVID has impacted India, with loss of lives and suffering of people in this dire situation where people are not getting proper oxygen nor hospital beds to treat the patient.

                                                        

Losing countless lives without proper treatment and doctors being helpless has created chaos in the country. Different countries are helping India by sending resources to control the situation.

Meanwhile, crypto enthusiasts come together and show an act of benevolence to India. As cricket and Covid has put bitcoin in the limelight on Tuesday. Member of the Australian cricket team, fast bowler Brett Lee said on Twitter that he is donating one bitcoin to help and fight against the second wave of Covid that India is currently facing.

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However, he is not the first crypto enthusiast to help with cryptocurrency, but he is the first to donate cryptocurrency for support as a celebrity. 

On April 24th, Polygon's co-founder, Sandeep Nailwal, posted on Twitter: "Can't take this sitting down anymore, I will run a relief drive for Covid instead of what is going on in India." 

Need assistance from the world's crypto network. I am fully responsible for openness, the use of funds, and the enforcement of regulations.

The crypto community responded strongly. Vitalik Buterin, the co-founder of Ethereum, contributed 100 ETH and 100 MKR for recovery initiatives in India, valued estimated Rs 4.5 crores. Former Coinbase CTO Balaji Srinivasan has said that he would give up to $100,000 (Rs 74 lacs) to the campaign, up to $50 for all re-tweets.

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CEO Justin Sun from TRON and Co-Founder and CTO Dharmesh Shah from Hubspot stated that they were going to match Srinivasan's bid. It is well understood that the Indian government has a controversial correlation to cryptocurrencies. 

In India, the government has planned a bill for banning private cryptocurrencies and regulate digital currency by RBI. It has placed a sense of insecurity in Indian crypto investors holding crypto assets of approximately Rs 10,000 crore.

Will it change the decision of the India Government to stop banning cryptocurrency?

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