Crypto aid for Turkey exceeds $4.5M in one week

[Hydrogen]

Turkish financial watchdog stretched rules to allow crypto donations to help with disaster relief on Feb. 7.

The crypto community donated over $4.5 million in seven days to help Turkey with disaster relief.

Three wallets were created to collect donations on Feb. 7. Total amount donated sits at slightly over $4.5 million at the time of writing.

Donations

Avalanche (AVAX), which Turkish professor Emin Gün Sirer founded, donated $1 million, while Waves (WAVES) founder Sasha.waves donated $50,000 on the first day.

Crypto exchange platforms operating in the region Icrypex, Bitget Turkey, Bitci, MexC Turkey, Bitfinex Turkey, OKX, and Gate.io collectively donated $371,499, which equates to 7 million Turkish Lira.

Turkish and global crypto influencers and many others also contributed thousands of dollars in crypto to help with disaster relief in the region.

Background

After three significant earthquakes struck Turkey, a Turkish singer Haluk Levent persuaded the country’s financial watchdog (MASAK) to allow collecting crypto donations, which is currently illegal in the country.

MASAK allowed three crypto wallets to collect donations for a week. Wallets belong to Levent, who publishes all significant contributions and expenses on his Twitter account.


https://cryptoslate.com/crypto-aids-for-turkey-exceed-4-5m-in-one-week/

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Interesting.

After three significant earthquakes struck Turkey, a Turkish singer Haluk Levent persuaded the country’s financial watchdog (MASAK) to allow collecting crypto donations, which is currently illegal in the country.

MASAK allowed three crypto wallets to collect donations for a week. Wallets belong to Levent, who publishes all significant contributions and expenses on his Twitter account.

Is it possible that crypto based donations carry a significant advantage over gofundme and other platforms which denominate only in single currencies of fiat? Not everyone in the world has access to digital dollars to donate on US based platforms. National currencies can be limiting in terms of them expressly being used inside the borders of the nation which issues them. The US dollar losing its position as an international reserve currency can only accelerate this process for the USA.

Global cryptocurrencies by contrast, can be commonly held and used by residents of all nations. Which could give crypto based donation services a distinct advantage over the digital dollar, yuan, ruple and other assorted national currencies.

While I'm not 100% familiar with what happened to the unfortunate residents in turkey's recent earthquake zones. AFAIK it seems a major fault line in turkey ruptured producing more chaos and unfortunate events than we see from most quakes. Real estate located on fault lines are higher risk for earthquake and tsunami damage as indicated by the fukushima disaster which was also constructed on a fault line.

The advantage of purchasing and developing real estate located on fault lines is lower cost land. Real estate located on fault lines being cheaper and more affordable in contrast to more stable and reliable land masses. The disadvantages however are greater probability of sink holes, earthquakes, tsunamis and similar natural disasters. For real estate development purposes, living purposes and survival purposes. It can be well worth it to check and see if land that is being developed, lived upon or invested in is located along a fault line.

[uneng]

After three significant earthquakes struck Turkey, a Turkish singer Haluk Levent persuaded the country’s financial watchdog (MASAK) to allow collecting crypto donations, which is currently illegal in the country.

MASAK allowed three crypto wallets to collect donations for a week. Wallets belong to Levent, who publishes all significant contributions and expenses on his Twitter account.

Let's see how it's going to be the approach of the government towards cryptocurrencies once this crisis is solved. The donations might have some impact on the views of government, after all, cryptos are being an useful tool to help turkish citizens and authorities may want to be thankful for that, finally accepting the positive potential they can have in a society, including during crisis times like the one Turkey is suffering right now.

[Hispo]

Is it possible that crypto based donations carry a significant advantage over gofundme and other platforms which denominate only in single currencies of fiat? Not everyone in the world has access to digital dollars to donate on US based platforms. National currencies can be limiting in terms of them expressly being used inside the borders of the nation which issues them. The US dollar losing its position as an international reserve currency can only accelerate this process for the USA.

Yes, it is possible and I have seen it myself here in my country: people asking for donations in Bitcoin and also in local fiat.
There are obvious advantages, one can choose the fee of the transaction and we do not need to deal with the bureaucratic frictions that can occurs when wiring money abroad, not even mentioning those who do not have easy access to banking services.

Also, I doubt Turkey would change their position on Bitcoin even after this display of generosity by the community, I have got the hunch the rules of Turkey is not the kind of person who chances his mind, specially after being proven wrong or faced with evidence of case-use.

[rat03gopoh]

Is it possible that crypto based donations carry a significant advantage over gofundme and other platforms which denominate only in single currencies of fiat?

Raising crypto-based donations has proven to be efficient from all sides, especially for natural disasters which definitely require as much emergency financial injection as possible. Besides being able to reach unlimited donors at all levels, the donations collected will be realized more quickly.

This should be used as an emergency solution by the government in any country.

[EarnOnVictor]

Although I'm not used to this site of yours, this does not come as a surprise to me, crypto is the order of the day and it is helping beyond anyone could imagine. There are many people that would have wanted to participate in donations all around the world, but the high fee and inaccessibility of a preferred payment method would prevent them from doing so.

Bitcoin and other cryptos have put an end to that, and within a few minutes, they can make their donations, and this comes with a ridiculously low transaction fee.

So, expect more soon.

[onurgozupek]

Thanks to all donators all around the world. We all appreciate your support...

[noorman0]

-snip-
finally accepting the positive potential they can have in a society, including during crisis times like the one Turkey is suffering right now.

Don't know yet how the current condition of crypto policy in Turkey is, but in this case natural disasters are unexpected incidents which in the restoration process can be softened while policies are contradictory as long as they don't have a continuous risk. To change the policy, I think they will still follow the procedure especially measuring how much ability they have to handle the risk side.

[bettercrypto]

What MASAK did was a great help to the victims of the disaster in Turkey. If MASAK had not done this they would not have received such a large amount of donations in just one week.

   Since then there have been those who have also been making such donations related to cryptocurrency. And this industry helps a lot in those kinds of disasters that happen in different countries.

[lovesmayfamilis]

Vitalik Buterin also donated 99 ETH to Turkey and Syria. I think that these countries need any financial assistance, and now is not the time to say that, somewhere, cryptocurrencies are banned. The tragedy should change the laws and scrutiny of everything that is built in Turkey. The news reports that they are already looking for several people who were managers of companies whose houses were destroyed.
Please note that not a single government building was damaged. Questions need to be asked about how and why so many housing estates have been affected.

[nimogsm]

The crypto community has already collected more than 10 million for all those affected, many large exchanges have united around such grief that happened.Cryptocurrency acted in this situation as a universal payment instrument and I like the fact that everything is transparent at this stage and anyone can see how much is collected at the moment.Bravo to all those who did not pass by and contributed to helping the victims.

[Zaguru12]

Vitalik Buterin also donated 99 ETH to Turkey and Syria. I think that these countries need any financial assistance, and now is not the time to say that, somewhere, cryptocurrencies are banned. The tragedy should change the laws and scrutiny of everything that is built in Turkey. The news reports that they are already looking for several people who were managers of companies whose houses were destroyed.
Please note that not a single government building was damaged. Questions need to be asked about how and why so many housing estates have been affected.

Many of these construction engineers have been arrested. There is believe that some buildings could have not collapsed if at all the urban transformation by the government of having buildings earthquake safe had been adhered to. According to the news the law wasn’t compulsory and people without funds for rebuilding were not compelled to do so. Thus so many buildings collapsed even estates that were supposed to be standard. Another surprising thing in the turkey earthquakes was the collapse of some new government buildings and schools. According to AlJazeera reports even countries Disaster and Emergency Management Authority building collapsed. So even the new buildings are still been constructed with sub par materials.

[ajiz138]

Now we have seen enthusiasm from the crypto community who donate some of their assets easily without having to think about where to send it because based on crypto it is very easy and effective in emergencies such as the natural disaster that occurred in Turkey.
Even people with $5-$10 can donate because this is very easy, but imagine sending fiat, of course it will be difficult, especially if you don't know the official alliance in raising funds.

But the Turkish government has taken the right steps they can raise funds faster than others because the crypto community really cares about humanity.

Portfolio of funds raised for the Turkey disaster: https://portfolio.nansen.ai/dashboard/APE-JBS8U7

[Sayeds56]

The  initiative taken by crypto community to raise funds for earth quake victims of Turkey is highly commendable. This disastrous event has led to wide spread devastation, with over 4000 buildings destroyed and numerous casualties. The effort to provide rapid aid to those affected is crucial, it is equally important to make sure that distribution of aid is free from any kind of bias or discrimination. We should also take resumes to ensure that funds are utilized appropriately and reach all those who in need, regardless of any demographic or social distinctions.

[Dickiy]

What MASAK did was a great help to the victims of the disaster in Turkey. If MASAK had not done this they would not have received such a large amount of donations in just one week.

   Since then there have been those who have also been making such donations related to cryptocurrency. And this industry helps a lot in those kinds of disasters that happen in different countries.

I am very sure that with the generosity of crypto holders of any kind one day there will be a place where everyone sees humanity like this, maybe this will not only happen in Turkey, several times the crypto community has carried out humanitarian donations in other parts of the world, one day when everyone has opened their minds and hearts that crypto is not as bad as they think. what the Turkish government accepts for assistance to its people I think will have an impact on very strict crypto regulations maybe the government can open its eyes about crypto transactions in that country and things that might happen for sure Turkey's neighboring countries and even other countries will also do the same equally that the benefits of accepting crypto have a good impact on society.

[xSkylarx]

This means the crypto community is very generous when it comes to this situation, as people there really need financial aid. I am hoping that they can quickly recover from this catastrophe. I remember before when a lot of people here in the community donated some crypto for the help to Ukraine, which they also accumulated huge amount and posted updates here about it. I am just shocked that they banned crypto in Turkey, but will they unban it after this? as they see how it greatly helps their country, or will they still continue to ban it?

[el kaka22]

They had dollars and lira and other fiat stuff along with crypto. Which means that it wasn't just crypto that they collected, it was everything they could. Over 30 thousand people died in these earthquakes, and calculations are still done, could be as high as 60-70 thousand people dead, but that is not the only thing, hundreds of thousands of people are also homeless now, and even the ones who still have homes fear to go back inside.

So, there will be a period where Turkey will need a ton of money to recover, to clear the debris, to build houses again, and to make sure people are not afraid to go in, this will take longer than a year to do so.

[Razmirraz]

Is it possible that crypto based donations carry a significant advantage over gofundme and other platforms which denominate only in single currencies of fiat?

Raising crypto-based donations has proven to be efficient from all sides, especially for natural disasters which definitely require as much emergency financial injection as possible. Besides being able to reach unlimited donors at all levels, the donations collected will be realized more quickly.

This should be used as an emergency solution by the government in any country.

Blockchain-based platforms help raise crypto-based donations by leveraging the power of peer-to-peer networks and eliminating financial intermediaries such as banks. Blockchain technology also reduces transaction costs and transaction turnaround times significantly. There are so many advantages to donating with Cryptocurrency. Of the many advantages, the most forefront is tax savings, this will benefit the donor or the recipient of the donation.

Any government must open their eyes to the convenience offered by blockchain technology, when a disaster strikes a country it will make it easier for any party around the world to send aid directly without using intermediaries.

[hugeblack]

Avalanche (AVAX), which Turkish professor Emin Gün Sirer founded, donated $1 million, while Waves (WAVES) founder Sasha.waves donated $50,000 on the first day.

So the vast majority of these are Avalanche (AVAX), Waves (WAVES), and the transfers did not provide a revolutionary service. For example, transfers for donations in Syria are prohibited due to international sanctions, so they are just an addition and help to the Turkish people.

[erep]

This means the crypto community is very generous when it comes to this situation, as people there really need financial aid. I am hoping that they can quickly recover from this catastrophe. I remember before when a lot of people here in the community donated some crypto for the help to Ukraine, which they also accumulated huge amount and posted updates here about it. I am just shocked that they banned crypto in Turkey, but will they unban it after this? as they see how it greatly helps their country, or will they still continue to ban it?

We will never know the status of the crypto ban once Turkey receives high donations from the crypto community, I am sure that the government will review again and maybe cancel the crypto ban or release a limited functionality crypto usage regulation. however, I am touched by the concern of the crypto community who are very enthusiastic about making donations to ease the burden on victims of the earthquake disaster in Turkey, whoever the participants have made a donation should be praised and thanked them because the crypto community is very generous and the highest social care community donates the highest value , I hope the donation will be useful for the earthquake victims and hope they will recover soon from their previous condition.

[Sanitough]

After three significant earthquakes struck Turkey, a Turkish singer Haluk Levent persuaded the country’s financial watchdog (MASAK) to allow collecting crypto donations, which is currently illegal in the country.

MASAK allowed three crypto wallets to collect donations for a week. Wallets belong to Levent, who publishes all significant contributions and expenses on his Twitter account.

Let's see how it's going to be the approach of the government towards cryptocurrencies once this crisis is solved. The donations might have some impact on the views of government, after all, cryptos are being an useful tool to help turkish citizens and authorities may want to be thankful for that, finally accepting the positive potential they can have in a society, including during crisis times like the one Turkey is suffering right now.

Probably, after this sad event, the government will start taking some research about bitcoin and start consider its positive side, so hopefully the government will be more open about bitcoin and cryptocurrency and consider legalizing it in the future. With the help of crypto in times of calamity, at least they should be thankful that these crypto exist.