Two months after Ethereum co-founder Vitalik Buterin donated about $1 billion in cryptocurrency to an India Covid relief fund, about $20 million has been paid out so far.
That may not sound like much, but between cashing out of an illiquid asset, complying with government regulations and getting the money to the right places, it isn't easy, according to Sandeep Nailwal, a New Delhi-based entrepreneur who founded the India Covid Crypto Relief Fund that received the donation.
Vitalik Buterin, co-founder of Ethereum Foundation and Bitcoin Magazine, speaks during the TechCrunch Disrupt 2017 in San Francisco, California, U.S., on Monday, Sept. 18, 2017.
For starters, Mr Buterin's gift of 50 trillion Shiba Inu coins -- 5% of the memecoin in circulation -- spurred a 50% crash in the price. The tokens should eventually amount to $400 million, Mr Nailwal estimated in an interview.
Local regulations have also taken up time. In order to comply with India's Foreign Contribution Regulation Act the fund has gradually been converting the tokens into dollars and then rupees, with about 80% completed so far, Mr Nailwal said.
Mr Nailwal said he has also been cautious with disbursement: he's paid out $20 million so far, with another $20 million in the pipeline. He wants to ensure the money reaches the grass-roots level, and is planning to hire a big-name audit firm to ensure complete transparency.
Mr Nailwal, who created the fund in April as an unexpectedly deadly coronavirus wave ravaged India with record deaths, said the fund is now focused on the next possible resurgence. It has made donations to organizations involved in distributing food across the country and 10 Bed ICU, which is dedicated to setting up mini-intensive care wards for patients suffering from severe cases of Covid-19 in rural India.
"We have been in preparation for the third wave," Mr Nailwal said.
Bitcoin Touches Record High, Sets Sights on $100,000 Five Charged in US for Crypto Hacking Spree Using ‘Scattered Spider’ Method: Details RBI to Roll Out eRupee CBDC Widely After Viewing Outcome or Impact: Report Amazon Employee Greets Friend At Wedding, Dies Of Cardiac Arrest "Violation Of Sovereignty, Abuse Of Power": Kanwal Sibal On US Report On Adani Group Indian Student In US Accidentally Shoots Himself Dead While Celebrating Birthday Ather 450, Rizta Electric Scooters Now Get 8-Year Battery Warranty Dear ICC, Wake Up: Hybrid Model Is Must For India If Pak Has Hosting Rights Notre-Dame In Paris Set To Reopen Next Month, Elon Musk Shares Video Track Latest News Live on NDTV.com and get news updates from India and around the world.