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The Singapore Red Cross has announced that it will accept cryptocurrency as a form of donation. The organization’s partnership with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, was announced publicly on August 7:
“With Triple-A’s white label crypto payment solutions, the Singapore Red Cross can now accept cryptocurrency donations from supporters, to provide humanitarian services to uplift the vulnerable, especially in Singapore.”
The collaboration allows donations in Bitcoin, Ether, Tether and USD Coin, then donations are anonymized and converted to fiat currency before being settled by bank transfer within one business day.
The CEO and secretary-general of the Singapore Red Cross, Benjamin William, expressed the organization’s vision of the future of using digital currencies for humanitarian aid, “Enabling donations in cryptocurrency also opens up many opportunities for new generation of donors who By the way with digital currencies to consider philanthropy and helping the vulnerable:”
“Donations in cryptocurrency are becoming more popular due to the efficiency of their processing and their global accessibility. By accepting digital currencies, we are opening our doors to a new segment of technology-savvy donors and want to make a difference through their digital assets.
This move follows a declaration in July by the High Court of Singapore, which classified cryptocurrency as private property. In principle, this makes it similar to fiat money, which is categorized “as things of action” within the common law of Britain, which allows it to be acquired or enforced by legal action”
“The holder of a crypto asset has in principle an incorporeal property right that is recognized at common law as an object of action and can be enforced in court.”
The cryptocurrency donation option is now available on the Singapore Red Cross website, with a separate provision for donations from the Binance digital wallet.