S'pore Red Cross now accepts Bitcoin, Ethereum as donations

Donations via cryptocurrency will not be tax-deductible.

Paul Rin | August 08, 2023, 03:25 PM

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The Singapore Red Cross announced on Aug. 7 that it will accept four cryptocurrencies as donations, marking a mainstreaming of the digital assets.

The four cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT), with no preferred currency among the four.

The humanitarian organisation partnered with TripleA, the first cryptocurrency payments provider licensed by the Monetary Authority of Singapore (MAS) to offer digital payment token services locally.

On their website, the Singapore Red Cross said cryptocurrency donations will go toward funding their local humanitarian work, which supports isolated seniors, persons with disabilities, as well as children, youth and families from disadvantaged backgrounds.

However, it also added that cryptocurrency donations are, as of now, not tax-deductible, and that donors could make donations via credit card if they'd like to receive a tax deduction.

According to the Singapore Red Cross, crypto-payment is compatible with all wallets and provides locked-in exchange rates.

Donors can pre-define an amount (in fiat) that they would like to give and the system will automatically convert it for them.

If the donation is successful, donors will then receive an automated email confirmation at the email address they provided.

According to Fintech Finance News, SRC CEO Benjamin William said the new payment channel will "open [SRC's] doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets".

Top photo from Unsplash and the Singapore Red Cross.