Vitalik Buterin and former Coinbase CTO donate over $650,000 in crypto to help India fight the pandemic

Ethereum co-founder Vitalik Buterin and former Coinbase CTO Balaji Srinivasan are donating to a fund set up by Indian tech founder Nandeep Nailwal to provide relief to the country, which is being ravaged by the epidemic.

It all started with a donation initiative tweet from Sandeep, founder of Ethereum scaling platform Polygon.

The donation call tweet prompted Srinivasan, the former Coinbase CTO and board partner at venture capital firm Andreessen Horowitz, to donate $50,000 worth of ether and call on others to do the same.

Later, Vitalik also responded to Sandeep’s call and donated 100 ETH and 100 MKR, worth $600,000, and posted the corresponding donation transfer certificate on Twitter.

In response to Vitalik’s generosity, Srinivasan later said that for those who are unable to donate, they can retweet his tweet. For each additional retweet, he will donate another $50, up to a maximum of $100,000.

Such largesse is likely to be unpopular, however, as the Indian government is preparing legislation to ban private cryptocurrencies.

“It is a bold but risky move, especially because foreign funds used for charitable purposes will be subject to very strict scrutiny under Indian law,” said Tanvi Ratna, founder and CEO of Policy 4.0, a research and consultancy.

Ratner, who is in charge of regulatory issues in donation activities, said: "The donation area may be the most sensitive area where foreign capital chooses to introduce cryptocurrencies!"

Given the current crisis, perhaps Sandeep and Ratna may find a solution. Earlier on Sunday, Indian Prime Minister Narendra Modi said that India has been hit by a new wave of the epidemic, according to India Today.

Indian authorities reported 349,691 new cases on Sunday, a record for a single country, The Guardian reported. India's daily death toll also reached 2,767, also a new high, the newspaper said.

Countries around the world are helping India deal with its latest outbreak, with U.S. Secretary of State Antony Blinken promising on Twitter late Saturday that the United States would "rapidly deploy" programs to support the people of India.

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