Well-wishers who want to financially support the Singapore Red Cross can now do so via crypto donations. All donations are converted into fiat currency within 24 hours after the donation has been made. Benjamin William said his organization has enabled the crypto option for “donors who are tech-savvy and wish to make a difference through their digital assets.”
Crypto Tax Deductions
The Singapore Red Cross has said well-wishers can now donate via cryptocurrency but donors will not receive tax deductions, a report has said. According to the charitable organization, all donations are converted into fiat currency less than 24 hours after the donation has been received.
As per a Straitstimes report, the Singapore Red Cross has partnered with the crypto payment gateway Triple A. Commenting on Singapore Red Cross’ decision to start accepting crypto donations, Benjamin William, the organization’s CEO, said:
By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets.
By accepting donations in the form of BTC, ETH, and the stablecoins USDT and USDC, the Singapore Red Cross joins other local charitable organizations such as The Food Bank Singapore, which already accepts cryptocurrencies.
According to the report, other crypto-accepting Singaporean charitable organizations such as Daughters of Tomorrow and Cycling Without Age are using the platform Digital Philanthropy.
What are your thoughts on this story? Let us know what you think in the comments section below.
Source: Bitcoin.com
