Pocketbits Opens Crypto Donations for Victim’s Family in Terrorist Attack on India’s CRPF Police Force
In India, a convoy of the Central Reserve Police Force (CRPF) was unfortunately hit during a major terrorist attack on February 14th, which killed 40 people. The group, Jaish-e-Mohammed, was located in Jammu and Kashmir’s Pulwama district, and has been recorded as one of the deadliest of terrorist attacks on the Indian military.
The country is in a state of mourning for these families, and the Indian exchange Pocketbits is jumping in to help with cryptocurrency.
Pocketbits is a crypto exchange, which is providing a way to offer support with the collaboration between the crypto and blockchain community Indiabits for the “CRPF Bravehearts” campaign. The campaign makes it possible for the public to donate cryptocurrency to the victims’ families, which would then be converted into fiat currency to distribute.
The website shows that the donations can be made in Bitcoin, Ethereum, Litecoin, XRP, and Tronix. Each day, the funds will be turned into the local fiat currency before sending them onto the “Bharat Ke Veer,” which is the government’s fundraising initiative. So far, unfortunately, there has only been $38 worth of crypto donated, which came from a single donation.
The CEO of Pocketbits, Sohail Merchant, said that the fundraising initiative with cryptocurrency was created as a way to bring in contributions from members of the Indian diaspora and the global crypto community. By doing so, individuals that want to contribute from their cryptocurrency profits would not have to worry about conversion fees.
Considering the low contributions seen, there could be a major gap in the attention of international media in this option, or it could be due to the skepticism of the public regarding the security of cryptocurrency. It is worth knowing, however, that Pocketbits is fairly established in the crypto market of India, considering the multiple charitable campaigns that it has participated in. They have also shown their spreadsheets that detail the progress.
The efforts made by Pocketbits and other domestic players like them are perfect ways to show the positive aspect of cryptocurrency. Hopefully, these efforts will eventually change the policies with the Central Bank of India, considering that the present laws prevent banking institutions from forming relationships with crypto exchanges.
Merchant participated in an interview with Bitsonline, saying that the banking blockade has encouraged exchanges to support P2P transactions instead. That type of transaction is how the Indian soldiers’ families will get their funds from Pocketbits.
Aside from this case, the crypto community in India is hoping soon that the country will establish positive regulations that will ultimately help this community thrive, which Merchant believes will be soon. He added,
“Our expectations are fairly positive in terms of upcoming regulations as there is a keen sense of interest among the different sets of regulators to understand the technology and its implications.”
The Supreme Court of India, in the meantime, is still working on the verdict for a case that was filed against the banking ban presently in place. The next hearing will be in a few days. On the case, Merchant commented,
“We have a fair chance of a positive outcome as the circular issued by RBI can be quashed based on legal grounds.”
Even though the central banking authority, the Reserve Bank of India (RBI), has prevented the local crypto community from growing, the work of Pocketbits cannot be ignored, even in the traditional banking system.