A tweet from Sandeep Nailwal on Saturday started all this. “Can’t take this sitting down anymore, I am going to run a Covid relief campaign… Need help from the global crypto community. I will take full responsibility for transparency, funds’ usage, and regulatory compliance”.
COO and co-founder of Polygon Sandeep Nailwal has asked to donate their crypto assets towards COVID relief efforts in India. Taking notice of the deplorable circumstances due to the COVID pandemic in India, Sandeep Nailwal posted a tweet asking for donations.
The funds raised in cryptocurrency would perhaps be transferred to an Indian or foreign crypto exchange. There, they will be converted into a fiat currency like INR. It will be then channeled to an Indian FCRA-compliant organization.
The cause has been supported by global crypto stakeholders like Balaji Srinivasan, former CTO of Coinbase.
Nailwal assured that the donation received will be used towards vaccinating underprivileged Indian youth who count for approximately half a million. Within 40 hours of the tweet posting, the fund has collected $2.5 Mn from various reputed global crypto stakeholders including Ethereum co-founder Vitalik Buterin, Coinbase CTO Balaji Srinivasan and Product Head of Coinbase Surojit Chatterjee.
However, funds in crypto are bound to encounter legal hurdles. This is due to the fact that according to India’s Foreign Contribution Regulation Act (FCRA), only NGOs with acceptable certification can pool money from abroad for social work in the nation.