Vitalik Buterin, the cofounder of Ethereum just donated more than 50 trillion Shiba Inu coins ($1 billion USD) into an aid fund for Covid ravaged India. The windfall comes as COVID-19 continues to wreak havoc across India... It's pretty dismal as the daily averages during the past week showed 380,000 confirmed COVID-19 cases and over 4,000 deaths. These numbers are probably way under reported too. Hospitals across the country continue to be overwhelmed, and critical, lifesaving supplies like oxygen remain in short supply.
The India Covid Crypto Relief Fund is a grass-roots organization that previously donated $1.4 million worth of COVID-19 relief supplies between April 24 and May 13. Now the group will be tasked with figuring out how to translate Buterin’s coin donation into on-the-ground relief after it sells the crypto hoard.
The most interesting part of the donation is India has not been the most crypto friendly so we will see how this money is used which may help pave a way for some easing of their criticisms and regulatory concerns.
The 50 trillion Shiba Inu coins represents more than 5% of coins in circulation son it's putting pressure on the price as prices have plummeting by 50%.
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.
I think this type of action has great optics for crypto in general. These meme coins give crypto a bad rap so if they can be used for a good cause that makes up for some of the pump and dump criticism. I'll be following this closely and I'm not holding any of these coins so I'm not mad at Buterin's actions for the price drop.
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It is now interesting to see how these funds are utilized in India. Converting $SHIB is a challenge in India as it has banned crypto currencies. Even if the fund converts it, the taxation and other regulatory actions would take a lot of time.
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If they want the money they will figure out a way. You'll be surprised how quickly governments will change laws or policy for money.
If that indicates, india would twist the laws to accomodate the crypto donation, I believe there would be nothing better than this news. I guess and hope that you are right and Indians start trading in crypto currencies soon and we see another boom in the crypto prices
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I am not a HODLer of this coin but I must say I was quite happy he kind of stopped this craziness about memecoin and used the proceeds to help Indians struggling with the virus 🦠.
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I hate the meme coin fad, but I'm glad it's being used for good.
When mentioning the numbers about C19 in India, don't forget that India has a huuuuuge population, so consequently numbers are also huge.
If you look at percentage of population, the situation is far below the average of e.g. Europe.
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True, but the infrastructure is worse in India so those getting help is also less...
Thanks for the info.
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Are we going to see an upwards movement on the SHIBA?
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There will be selling pressure as they liquidate the coins.
Let's wait and see!
How did Vitalik get these Shibu tokens?
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While I commend Buterin for his hospitality, I continue to wonder to what extent these big players rig the market, how Buterin managed to acquire such an enormous amount of SHIB for himself. We now see crypto as another ponzi scheme.
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