Vitalik Buterin, the co-founder of the second-largest virtual currency ETH, had in May donated SHIB tokens worth US$ 1 Billion to India for utilizing the same towards Covid-19 relief. However, India has been facing difficulties in accessing the funds as in three months’ time India has only been able to cash out US$ 20 Million.
When India was struggling to provide required medical supplies and relief to its citizens, the whole world came to India’s aid. India was severely hit by the Covid-19 pandemic, which shrunk its medical supplies and resources. Oxygen tanks were immediately required in the country, however, there were none left. Similarly, in order to fight against the pandemic, the country needed medical supplies on large scale, but again there were none.
At that stage, human rights activists, companies, entrepreneurs, sportsmen, celebrities, etc. of the world came to India’s assistance. They started donating funds to India generously and enabled India to purchase medical supplies as well as oxygen tanks. Even countries provided India with the required medicines, tanks, and vaccines to prevent the spread of the Covid-19 pandemic.
Even the crypto industry did not let Indians feel that they were alone. In fact, billions of dollars worth of virtual currencies and assets were donated to India and Indian NGOs (private and government-owned).
One prominent donation deposited in India’s Crypto Covid Relief Fund (CCRF) was the funds sent by one of the co-founders of Ethereum. Reportedly, Vitalik Buterin had wholeheartedly donated crypto funds in SHIB virtual currency worth US$ 1 Billion. The fund was reportedly received by CCRF in the month of May 2021 when the pandemic was at its peak in India. The Indian Prime Minister Modi personally thanked Buterin for his generous donation. Thereafter, CCRF also posted a message on Twitter suggesting that it would like to utilize the funds gradually and not at once.
However, so far India has been able to withdraw only US$ 20 Million from Buterin donated funds. CCRF revealed that it has been facing difficulties while accessing crypto fund donations. Sandeep Nailwal, who is one of the organizers of CCRF said that they are having difficulties in withdrawing the crypto donation funds. He informed that there are delays because of the Indian regulatory compliance issues. In addition, since the market of SHIB too has been affected by the recent crypto dip, this is also causing hardship for CCRF to take out funds.
Within the past three months, SHIB’s market value has been reduced to almost 83%. This has in fact reduced the relief package which, at the time of donation, was worth over US$ 1 Billion.
Even after the difficulties, CCRF has been working tirelessly to provide rations, medical and food kits to the needy people in India. However, CCRF has been urging the Indian Government to ease up regulatory compliance so that the relief work can be bolstered.