After providing extra hands for the Ukrainian government to support in their humanitarian work as well as military forces, now cryptocurrency is intervening in El Salvador’s ongoing gang violence. Paolo Ardoino, CTO of Bitfinex and Tether announced a relief fund to help families in El Salvador who became victims of “pandillas”.
Bitfinex and Tether have collectively set up a relief fund by contributing 25 Bitcoins, which will also entice other donors to help El Salvadorians.
He shared different crypto addresses to accept donations in Bitcoin and USDT on different blockchains.
Also, the relief fund will be deployed in collaboration with the government and community groups. This will provide more transparency to “ensure fair distribution” of the relief fund.
He stated in a tweet that “Now more than ever, the families of El Salvador need our support.”
In the last few months, many crypto community leaders have visited Nayib Bukele to discuss crypto use cases and to support netizens who become victims of gang massacres. Currently, many criminal goons involved in homicide and extortion are active in the country.
M-18 and MS–16 are top-notch gangs in the country and the large numbers of members of these groups are trying to paralyze the society.
The key reason behind this support from the crypto community is El Salvador president Nayib Bukele’s announcement to accept Bitcoin as a legal tender in the country. Last year, he declared Bitcoin as a legal currency along with USD in El Salvador.
Paolo Ardoino also mentioned his move to open the door for cryptocurrency in the country for a “fair and resilient monetary system for the future of the country”.
Since last year, Nayib Bukele has come forward many times in specific time intervals with numerous Bitcoin purchases.
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