By Tom Blitzer
Key Insights:
- Singapore Red Cross ushers in a new era of philanthropy with cryptocurrency donations.
- Tech-savvy donors find a new avenue to contribute through digital assets.
- Cryptocurrency acceptance signifies a significant step towards modernizing charitable giving.
The Singapore Red Cross has started accepting cryptocurrency donations in a significant move. This innovative step broadens the scope of donations and invites a new generation of tech-savvy philanthropists to contribute to humanitarian aid and community services.
A New Era of Philanthropy
The Singapore Red Cross, a prominent humanitarian aid and community services charity, has embraced the digital age. Consequently, it has begun accepting donations in the form of cryptocurrencies. The organization will accept Bitcoin, Ether, Tether, and USD Coin donations, marking a new era in philanthropy.
On the 7th of August, the Singapore Red Cross revealed its collaboration with Triple-A, the inaugural crypto payment gateway, to receive licensing from the Monetary Authority of Singapore. This alliance paves the way for anonymous crypto donations, streamlining the process of giving. Furthermore, all contributions will be transmuted into traditional currency and finalized through bank transfers within a business day.
Welcoming Tech-Savvy Donors
Benjamin William, the Secretary-General and CEO of the Singapore Red Cross, conveyed his excitement about this innovative step. “Welcoming digital currencies allows us to tap into a new pool of donors – those who are technologically inclined and eager to contribute using their digital assets,” he stated.
Additionally, William highlighted the potential for attracting a new generation of donors. “Enabling cryptocurrency donations also opens more opportunities for the new generation of donors who are au fait with digital currencies to consider philanthropy and helping the vulnerable,” he further explained.
Crypto Donations Now Live
The crypto payment option is already available on the Singapore Red Cross website. Besides the four popular digital currencies, the payment gateway offers a separate solution for donating from Binance digital wallets.
This development follows the High Court of Singapore’s landmark decision in July, which recognized cryptocurrency as private property. Importantly, the court ruled that, in essence, there is no difference between crypto and traditional fiat money, categorizing it as “things in action.” British common law refers to property where personal rights can be asserted or enforced through legal action rather than by assuming physical ownership.
Hence, the Singapore Red Cross’s decision to accept cryptocurrency donations is a testament to the growing acceptance of digital currencies and a significant step towards modernizing philanthropy. As more organizations follow suit, the landscape of charitable giving is set to change dramatically.