The Salvation Army accepts crypto-money for the festive season
- The Salvation Army is now accepting donations in BTC and ETH.
- The pandemic has deepened poverty, increasing the need for charitable donations in 2020.
- Crypto donations take advantage of the hype of a new monetary system to help the charity meet its needs while maintaining a social distance.
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The Salvation Army has announced that it will accept Crypto Method donations in crypto. As crypto-currency prices rise and social distancing continues, the organisation is seeking to take advantage of the emerging digital phenomenon.
What would Satoshi do?
You may have seen them on the street or hanging out in front of grocery shops with their breath forming a light fog? They ring their bells, they beat red kettles and they are dressed as Santa Claus. They want you to make a donation to charity. Yes, that’s the Salvation Army.
This year, contrary to the usual holidays, the Good Samaritans are staying home to respect the social distance. Also, interest in digital currencies has exploded. From central banks to libertarians, everyone wants to send their money digitally.
The 150-year-old charity is in turn embracing this new asset class, seeing encrypted donations as an opportunity to help the poor. On 15 December 2020, Engiven Inc. announced that it would manage crypto-money donations for the Salvation Army.
Digital donation bowls
In the United States, Army converts are mostly on the streets and wish people happy holidays throughout the month of December. They wholeheartedly ask passers-by to deposit their small change in their famous red bowl.
Knowing that people are now staying at home (and far from the shops), it is more difficult than usual to get donations. According to the Salvation Army, the pandemic has hit poor communities harder, so fundraising has become a problem.
The Christian organisation claims that it normally helps 23 million Americans a year. This year, however, it expects a 155% increase in normal demand due to poverty caused by the COVID-19 pandemic.
Fortunately for the organisation, it has a backup solution: crypto-money. Douglas Riley, head of the Western United States Territory section, said:
We believe that the value and widespread use of Bitcoin has created a tremendous donation opportunity to meet the high needs.
Know Your Customer
As with all good news, there are restrictions here too related to the Know Your Customer (KYC) principle. Engiven assures users that, if they follow the platform’s protocols, crypto donations will be safe, secure and tax-deductible.