Cryptocurrency adoption continues to grow as the Singapore Red Cross Society now accepts digital currency as donations. The organization will accept Bitcoin, Ether, Tether, and USD Coin donations.
On August 7, Singapore Red Cross announced a partnership with Triple-A, the first crypto payment gateway licensed by the Monetary Authority of Singapore, to facilitate anonymous cryptocurrency donations. Within one business day, all donations will be converted into fiat currency and settled via bank transfer.
Benjamin William, Secretary General and Chief Executive Officer of the organization expressed his excitement regarding the new demographic of tech-savvy donors:
“By accepting digital currencies, we open our doors to a new segment of donors who are tech-savvy and wish to make a difference through their digital assets.”
“Allowing cryptocurrency donations expands the opportunities for the new generation of donors familiar with digital currencies to consider philanthropy and aiding the disadvantaged,” William elaborated.
The cryptocurrency payment option is already accessible on the website of the Red Cross. In addition to four well-known digital currencies, the payment gateway provides a distinct method for donating from a Binance digital wallet.
In July, the High Court of Singapore declared cryptocurrencies private property, which does not fundamentally differ from fiat currency and could be classified as “things in action.”
British common law refers to a form of property over which personal rights may be asserted or enforced through legal action instead of physical possession.
