How crypto found a legal route into Nepal’s relief efforts
Summary
Cryptocurrency donations are reaching Nepal’s Prime Minister’s Disaster Relief Fund through a legal off-ramp that converts digital assets into dollars in the United States before sending the money through the banking system. The new portal NepalRelief.org has already raised hundreds of thousands of dollars for flood relief after the Bhotekoshi river floods.
Key Points
- A new system lets donors send crypto for Nepal relief without bringing digital assets into the country, where cryptocurrency remains banned.
- NepalRelief.org has raised $174,831, while $500 in crypto-to-fiat donations had already reached the government’s relief fund by Monday.
- The arrangement uses Cross River Bank, Polygon, Coinme and Engage Nepal to convert crypto into dollars in the United States and transfer the funds via SWIFT.
- The model emerged after Bhotekoshi floods and could serve as a blueprint for crypto-based humanitarian aid in countries where digital currencies are prohibited.
