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Crypto Charity will ensure better compliance and transparency
- Blockchain Technology can be used to make transactions more efficient and also transparent
- Blockchain technology could one day eliminate poverty from the world
- Blockchain technology has immense potential to help school children in the country
Cryptocurrency and charity can be alike as cheese and chalk. However, they can be complementary to one another and enhance the strength of one another. Often funds meant for charity are siphoned off by unscrupulous elements and often escape the attention of regulatory authority. However, by its unique ecosystem, cryptocurrency makes all transactions transparent and herein lays its strength-money meant for charity will be used only for charity.
Save the Children in Rwanda is the latest NGO to endorse cryptocurrencies. It has recently entered a partnership with Cardano Foundation. Cryptocurrencies and the blockchain technology it is based upon can be put to various users, and charity is the latest frontier in which crypto assets have entered.
ADA Donations
According to a statement released by Save the Children in Rwanda, it has entered into an agreement with Cardano that has installed a payment gateway that will enable ADA donations to come directly into the project without any intermediaries. Once the NGO receives the fund in its kitty, it will be invested in a myriad of African-based social enterprises with a proven impact on children, families, or youth.
Within hours of the launch of the system, it received donations of 22,000 ADA, worth nearly US$30,000. Save the Children’s country director in Rwanda, Maggie Korde said that cryptocurrency and blockchain technology could help school children.
Maggie added that via Cardano, Save the Children in Rwanda now has a platform to jumpstart projects for children. But, they also added that this is not the end, and there are hundreds of possibilities that can be created by innovation.
Some of the projects that could be modeled on blockchain technology include digital school records and, secondly, to increase our efficiency and transparency as an organization. These measures will have a direct impact on school-going children’s lives.
New Endeavour for Save the Children
The partnership between Cardano Foundation Partners and Rwanda-Based NGO has also been lauded by Ettore Rossetti, a senior advisor at Save the Children. Rossetti said that the association had opened a new path for the organization, and it has been made possible because of blockchain technology.
Rossetti added that cryptocurrency and its associated blockchain technology have much more to offer than financial gains. Blockchain Technology can be used to make transactions more efficient and also transparent. Decentralized universal basic income as a form of unconditional cash vouchers will be a path to end world poverty.
Save the Children NGO was founded more than a century ago and touches the lives of more than one billion children across the globe. It became the first NGO in the world to accept cryptocurrencies as donations from well-wishers. The donations were used to alleviate the suffering caused by the devastating Typhoon Haiyan that struck Southeast Asia in 2013.
The Birth of Crypto Donations
Other NGOs have also taken a cue from Save the Children and have started accepting donations in digital tokens. It includes Give Well, which began accepting crypto donations in December 2017. India’s Crypto Covid Relief Fund also received Shiba Inu tokens worth millions of dollars from Vitalik Buterin. UNICEF has also started accepting cryptocurrencies as donations. One important aspect which makes cryptocurrencies the favorite among NGOs is their unprecedented level of transparency in the funding.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
