Singapore's Red Cross Announces Accepting Non-Tax Crypto Donations

The Singapore Red Cross has taken a step forward by announcing it accepts donations of funds through cryptocurrencies.

JAKARTA - The Singapore Red Cross has taken steps forward by announcing it accepts donations through cryptocurrencies.

However, it is important to note that donors will not get tax deductions for their donations, as disclosed in the latest report.

The charity has formed a partnership with crypto payment service Triple A to facilitate this process. Reports from Straitstimes reveal that all donations received in cryptocurrency will soon be converted into fiat currency in less than 24 hours after the donation is received.

This is done to ensure the stability and predictability of funds entering the organization. Benjamin William, CEO of the Red Cross of Singapore, commented on this step by saying that accepting digital currencies allows them to reach new donor segments that are more familiar with technology and want to have a positive impact through their digital assets.

With the acceptance of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), as well as stablecoins such as USDT and USDC, the Red Cross of Singapore has joined the ranks of other local charity organizations such as The Food Bank Singapore which also accepts donations in crypto form.

The report also reveals that other charitable organizations in Singapore, including Daughters of Tomorrow and Cycling Without Age, are using the Digital Philanthropy platform to accept cryptocurrencies.

This is an interesting development in the philanthropic world that reflects the growth in the use of cryptocurrencies in a wider scope, including contributions to charitable and social goals.