Cryptocurrency donors tend to make higher-value donations, but more needs to be done to help charities engage safely, says the charities regulator.
The local branch of Médecins Sans Frontières has received more than $5 million in cryptocurrency donations, but it has one firm rule when it comes to dealing with crypto: donations need to be cashed out straight away.
For compliance and risk reasons, the decision to hold rather than cash out cryptocurrency would require charities to have sophisticated in-house finance and investing teams, he said. “It’s not something that any charity of our size is going to afford to have.”validated Médecins Sans Frontières’ decision to cash cryptocurrency donations out immediately, said Mr Jones.
The Giving Block extracts a 5 per cent fee, which Mr Jones describes as broadly in line with other platforms, such as PayPal. PayPal charges a 2.6 per cent plus 30¢ fixed fee. While its submission noted that peak charity bodies in the UK and US have advised charities against accepting cryptocurrencies, the ACNC doesn’t plan a “yes or no” approach in Australia, said newly appointed commissioner Sue Woodward.
“By keeping crypto in its native form, UNICEF, donors, recipients, and the public can track where the money is going and how it is being spent, providing an unprecedented level of transparency in the funding and NGO space,” it says.UNICEF Australia, along with France, New Zealand, Luxembourg and the US, also accept cryptocurrency as general donations, with funds directed at development, education and emergency response work.
Habitat for Humanity has accepted around 15 cryptocurrency donations worth a collective $20,000 since it began accepting them in June 2021, head of impact giving and engagement Dan Peyton said. While not a huge sum, the individual gifts are significantly higher than the $75-$100 most cash donors choose to give.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
You be the judge: should my boyfriend clear out his hundreds of old CDs and DVDs?She says clear the clutter and start streaming, he prizes his collection for its nostalgia value – and you are the remote controller
Read more »
Fraud, cons and Ponzi schemes: did Sam Bankman-Fried use Madoff tactics?The fallen crypto mogul is fighting off accusations he followed a similar playbook to Madoff – and deceived investors in the process
Read more »
Goldman Sachs planning to cut up to 4,000 employees as Wall Street lay-offs intensifyThe multinational investment bank is preparing to cut a thousands of employees to navigate a difficult economic environment, a source familiar with the move says.
Read more »
‘It’s really bad’: Aussie teenager robbed of first world title as World Aquatics apologisesA technical error has denied Australian teenager Isaac Cooper a world title and new junior world record after swimming a time faster than the eventual winner.
Read more »
‘It’s really bad’: Aussie teenager robbed of first world title as World Aquatics apologisesA technical error has denied Isaac Cooper a world title and new junior world record after swimming a time faster than the eventual winner.
Read more »