Two months have passed since Ethereum’s co-founder Vitalik Bouterin promised to donate $1 billion worth of cryptocurrencies to the India Covid Crypto Relief Fund. So far just $20 million has been “released.”
The delays are due to the difficulty of liquidating cryptocurrencies, complying with authorities’ regulations and properly channeling the money, according to Sadiq Nalwall, founder of the India Covid Crypto Relief Fund who is also the recipient of the donation.
The donation of Bouterin’s 1 billion Shiba Inu led to a 5% increase in the value of the cryptocurrency. That donation is expected to have a total value of $400 million, according to Nalwall.
Bureaucracy has caused the longest delays. To comply with Indian Foreign Compliance Regulations, cryptocurrencies are first converted into dollars and then rupees. So far, 80% of them have been converted.
In addition, Nalwall said it is thoroughly studying the recipients of the donations. So far, he’s transferred $20 million, and he wants to make sure the donations get to where they need to be. It also intends to hire an audit firm for further transparency.
The fund’s founder donates food, ICU beds and establishes small, local clinics in India’s province to deal with a possible third wave of the pandemic.