Singapore Red Cross, a renowned organization dedicated to humanitarian aid and community services, has recently broadened its financial contributions spectrum. It now includes cryptocurrency among its accepted modes of donation. The decision is an innovative step in line with the evolving global financial landscape, embracing Bitcoin, Ether, Tether, and USD Coin.
On August 7th, a momentous announcement confirmed the Singapore Red Cross’s strategic collaboration with Triple-A. This company is considered Singapore’s first crypto payment gateway licensed by the Monetary Authority. This partnership facilitates anonymous donations through cryptocurrency, catering to the growing tech-savvy donor base.
Donations received in cryptocurrency are promptly converted to fiat currency. Settlements take place through bank transfers within the span of a single business day. The streamlined process ensures seamless transactions and immediate aid deployment.
Benjamin William, the Secretary-General and CEO of the Singapore Red Cross, expressed his optimism for the emerging donor segment.
“By embracing digital currencies, we’re inviting a new group of tech-savvy donors, looking to leverage their digital assets for the greater good,” William stated. He further elaborated, “This opens up philanthropy to a generation familiar with digital currencies and eager to contribute to society.”
Making a crypto donation is now as effortless as a few clicks on the Singapore Red Cross website. Alongside the four major digital currencies, the payment gateway offers a distinctive solution for contributions from Binance digital wallets.
This integration expands the scope of digital giving and inspires potential donors to partake in philanthropy conveniently and securely.
In July, a pivotal judgment by the High Court of Singapore recognized cryptocurrency as private property. This classification doesn’t deviate from the principles applied to fiat money. It instead places cryptocurrency within the “things in action” category.
This term, derived from British common law, refers to property rights that can be enforced or claimed via legal action rather than physical possession. This legal validation further legitimizes using cryptocurrencies for purposes like charitable donations.
The inclusion of cryptocurrency as a donation option by the Singapore Red Cross signals a significant shift in the philanthropic sphere. It’s a testament to the growing recognition of digital currencies and an invitation for the tech-savvy generation to engage in social causes. This strategic move intertwines technological advancements with humanitarian services, ushering in a new era of digital philanthropy.
The post Singapore Red Cross Embraces Cryptocurrency for Donations appeared first on CryptoMode.
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