Iranian Crypto Devs Launch Blockchain Platform For Flood Victims

Iranian crypto devs just launched a blockchain platform named IranRescueBit which will enable people to make charitable crypto donations in order to air the regions that were hit with severe flooding and in the same time bypass the US economic sanctions as we read in the previous altcoin news.

As per the reports on August 14^th, the Iranian crypto devs created a platform which supports donations in Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). The government is also not involved in the project. IranRescueBit will allow all of the donors to avoid the American sanctions that have so far prohibited the international donations to the Iranian Red Crescent Society which is a non-governmental humanitarian society in the country. According to the report, the advantage of cryptocurrencies is that it is a non-centralized authority which is needed to verify the transactions because of the decentralized nature of the crypto confirmations.

IranRescueBit executive director Hamed Salehi explained that the campaign of the platform is hoping to facilitate one month of crypto donations before it the local exchanges use it to convert the cryptocurrencies into the Iranian national currency. Once the conversion is completed, Salehi explains that the proceeds will be sent out to a local bank account of the Iranian Red Crescent Society. He commented:

“We hope that IranRescueBit can turn into a platform that could be employed either by the community or by the IRCS should the need ever arise again in the future.”

The massive rainfalls in April started huge, destructive flooding that resulted in 70 deaths in more than 13 provinces around Iran with some of the highest casualties in Golestan, Lorestan, and Fars according to the CNN reports. The South Korean holding company SK C&C already had experience with a blockchain-based donations platform and they unveiled a huge scheme. The platform allowed users to make donations and then in return receive incentives tokens which will be used in order to buy merchant items. However, the regulations and technological challenges created so many barriers to an official launch so the SK C&C head Lee Sun-min explained for the reports in some of the best cryptocurrency news sites:

“Since SK is a company, we cannot pursue profits in won stablecoins. Regulatory issues are not solved, too […] It’s hard to build a platform ecosystem […] Not just a single company can do it. We are currently looking for a company to build a platform ecosystem.”