Anndy Lian | Inter-Governmental Blockchain Adviser | Book Author | Investor | Board Member | Singapore
Myanmar and Thailand suffer heavy casualties from a strong earthquake, CZ donates 500 BNB each to aid disaster relief! Why use cryptocurrency for donations?
Recently, a 7.7 magnitude strong earthquake severely impacted Thailand and Myanmar, causing serious casualties and property damage. In the face of this sudden disaster, Binance co-founder Zhao Changpeng (CZ) quickly extended a helping hand, announcing a significant donation of cryptocurrency BNB to support relief efforts in both countries.
Binance co-founder Zhao Changpeng announced on social media platform X on the 28th that he would donate 500 BNB each to Thailand and Myanmar, which were hit by a 7.7 magnitude earthquake, to support disaster relief efforts in both countries. Based on the price at the time of the announcement, this donation is approximately $624,366.
After the tweet was posted, it also inspired many operators to take action, including blockchain consultant and bestselling author Anndy Lian, who pledged to provide 44 BNB to a non-profit organization to assist with disaster relief efforts in Myanmar and called on his fans to contribute to the relief work.
The catastrophic earthquake occurred around 1:20 PM on March 28, with the epicenter located about 10 to 16 kilometers near Mandalay, Myanmar's second-largest city. The earthquake caused severe damage to buildings, and Myanmar's military government stated that as of Sunday, the earthquake had resulted in approximately 1,700 deaths, 3,400 injuries, and over 300 people missing.
Myanmar's military government leader Min Aung Hlaing stated that as rescue efforts continue, the death toll may continue to rise, and he has rarely requested assistance from the international community.
Zhao Changpeng expressed his concern for the people of Thailand on the X platform and announced his donations to Thailand and Myanmar. He stated that if a suitable third-party on-chain donation platform cannot be found, the donations will be distributed through Binance and Binance Thailand.
Why use cryptocurrency for donations?
In fact, this is not the first case of disaster relief through cryptocurrency. For example, after the 7.8 magnitude earthquake in Turkey and Syria in 2023, philanthropist Haluk Levent began accepting cryptocurrency donations.
Furthermore, The Giving Block, a company that specializes in assisting non-profit organizations with cryptocurrency donations, has raised over $1 million for the victims of the Maui wildfires in Hawaii in 2023, and raised over $1 million for disaster relief efforts in California wildfires this January.
Cryptocurrency donations demonstrate several unique advantages in emergency situations such as disaster relief.
Advantage 1: High cross-border efficiency
First of all, the cross-border efficiency of cryptocurrency is extremely high, enabling funds to be quickly sent from around the world to disaster-stricken areas, breaking the geographical limitations of traditional banking systems.
Advantage 2: Lower transaction costs
Secondly, compared to traditional international remittances, cryptocurrency transaction costs are usually lower, which means a larger proportion of donations can truly be used to help disaster victims.
Advantage 3: Instant settlement
In addition, cryptocurrency transactions can almost achieve instant settlement, which is crucial for disaster victims who need quick access to aid.
These characteristics make cryptocurrency an efficient, convenient, and cost-effective way to donate, providing strong support for rescue efforts at critical moments.
Source: https://web3plus.bnext.com.tw/article/3718?
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