It’s been two months since Ethereum co-founder Vitalik Buterin donated about $1 billion in cryptocurrency to India’s COVID-19 relief efforts but only $20 million has been paid out so far, Bloomberg reports One of the reasons is that Buterin’s gift of 50 trillion Shiba Inu coins — 5% of the memecoin in circulation — caused a 50% crash in price. That means the tokens would eventually be valued at $400 million, said Sandeep Nailwal, an entrepreneur who founded the India Covid Crypto Relief Fund that received Buterin’s donation.
Also, India’s local regulations require the tokens to be first converted into dollars and then rupees — a time-consuming process.
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