By the second wave of coronavirus hitting hard on the Indian subcontinent, there have been many kind-hearted and well-known individuals who have stepped up and donated their share of resources and monetary values to help prevent the outbreak as soon as possible. One such name has recently caught up the attention of technology and trading enthusiasts by donating a huge chunk of investments in cryptic value to the Indian Coronavirus relief platform. VitalikButerin, the Ethereumco-founder, and billionaire donated 50 trillion SHIB tokens to Indian Covid Relief worth $1.14 billion in mid-May when Coronavirus cases in the second wave were at their peak.
Some reports were claiming it was the single largest philanthropic aid given as a donation to India. However, many questioned the integrity of the donation, as the donated cryptocurrency was the Shiba Inu token, which started life as a meme cryptocurrency to take down dogecoin. This led to a lot of talks in the market for widespread adaptation of cryptocurrencies as a single value throughout the globe, independent of all the various factors involved in banking and financial institutions. Indian cryptocurrency trade market had also risen considerably, with millions of new traders and investors signing up for the trade.
Chinese blanket ban on cryptocurrency has wiped close to $1 trillion from the trade market within 24 hours last week. These hotlines also caught up the Indian trade market by surprise as most of the major cryptocurrencies, including the well-known tokens, faced a record low for months.
In India, the reactions have been consistent in terms of variations in the market, as the Indian government and regulatory authorities tend to impose a ban on anything too complicated to comply with standards. This has resulted in the uncertainty of the future of cryptocurrencies, and the banking institutions took the matter into their hands and started blocking out cryptocurrency-related transactions at the payment gateway stages and sending out account suspension warnings to their account holders if they choose to continue indulging in these trade practices.
Shashi Tharoor, the MP of Thiruvananthapuram and a renowned author, has cited his concerns on the government’s ignorance towards the cryptocurrency market facilitating the blockchain networks. He continues to state that India was a late adaptor to the new technologies like the internet, smartphones, satellite networks, and this has had a negative impact on the economy. The wave of cryptocurrencies should not be ignored as they can help eliminate billions worth of financials and facilitate a transparent and efficient process of e-governance.