Can India accept crypto currencies as covid-19 relief fund?

India is getting help from others in the form of supplying medical appliances, vaccines and oxygen amid the rampage of coronavirus. In addition to that, Australian cricketers Pat Cummins and Bret Lee donated their contribution to corona relief for India.

Pat Cummins donated $50K to the PM Cares fund whereas Bret Lee donated 1 Bitcoin (BTC) for India’s Covid-19 relief. 1 Bitcoin is equal to the value of 41 lakhs in Indian rupees. Not only Lee, many NRIs and International start-up founders are donating in digital currency which is banned in India.

A cryptocurrency fund was started by India's cryptocurrency and blockchain industry professionals to aid efforts to check the Covid crisis. Ethereum co-founder Vitalik Buterin donates cryptocurrency worth of 4.5 crore to India. Now these crypto donations raise the debate in India where ban continued on Bitcoin and others. India has no specific rules and regulations for cryptocurrencies. During her latest budget speech, Finance Minister Nirmala Sitharaman has said that Indian government should provide a window for investors to experiment with cryptocurrencies.

However, crypto donations from other countries can run into legal hurdles in India due to a lack of regulatory framework which has been acknowledged by the founder of India’s crypto relief fund. It is very difficult to track foreign donations through cryptocurrency as they are considered anonymous. The architecture of the cryptocurrency is framed in such a way that the identity and location of sender are anonymous. Crypto relief fund team is still exploring how they will handle foreign contributions.

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