Kathmandu, Sep 6 (IANS) An India-born tech entrepreneur in the US has launched a stablecoin-based campaign to support people affected by floods in Nepal and contribute to the Government of Nepal’s Prime Minister Disaster Relief Fund.
The campaign allows people around the world to donate in stablecoins through NepalRelief.org, with the funds converted into local currency and directed to the government’s relief fund.
Sandeep Nailwal, co-founder of Polygon Labs, one of the world’s most widely adopted blockchain platforms and an infrastructure layer for the next generation of payments and financial activity, who was born in the Kumaon region of Uttarakhand, India, launched the donation campaign using stablecoins.
A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a real-world asset, such as the US dollar.
As of 9:30 a.m Sunday (Nepal time), $173,202 (NPR 26.23 million) had been collected, according to NepalRelief.org.
“Stablecoins work best when money has to move fast to people who need it,” Nailwal wrote on LinkedIn, adding that the initiative was designed to use blockchain technology to enable donations to reach the Nepal government’s relief fund as local currency.
The campaign is powered by Polygon Labs’ Open Money Stack, Coinme and Cross River, a New Jersey-based bank involved in digital lending.
Cross River Bank has also confirmed the donation campaign and called on people to donate in stablecoins through NepalRelief.org.
“Our care and concern go out to everyone affected in Nepal, to the families still waiting for word, and to the rescue workers, volunteers, and neighbours reaching communities that are cut off,” it said on LinkedIn.
Nailwal also highlighted the close historical, cultural and family ties between Nepal and India as a personal motivation for supporting the initiative.
“No one’s pain matters more because of geography. But some tragedies just hit differently when they touch a place that’s part of your own story, and Nepal has always felt close to home for me,” Nailwal wrote.
Recalling his roots in India’s Uttarakhand region near Nepal, he said communities on both sides of the border have remained connected for generations through family, culture, faith, food, trade and everyday life.
“India and Nepal have what we often call ‘Roti-Beti ka rishta’ — ties of family and shared life that run far deeper than a line on a map,” he said, referring to the close people-to-people relationship between the two countries.
He also recalled Indian Prime Minister Narendra Modi’s recent reference to the people of Nepal as “brothers and sisters”.
“I want to do my small part to stand with them, and I hope you’ll join me,” he said, urging people around the world to contribute to relief and rebuilding efforts.
Although cryptocurrency transactions are illegal in Nepal, the campaign organisers said they worked with the Nepali government to obtain approval for the initiative.
Bal Krishna Joshi, a Nepali tech entrepreneur who founded Xuno, a US-based fintech company that facilitates digital remittance transfers, helped the campaign organisers connect with the Nepali government to facilitate the campaign.
“A heartfelt thanks to the Government of Nepal for approving Cross River and Polygon Labs’ crypto campaign to support the people of Nepal and contribute to the Government of Nepal’s Prime Minister’s Disaster Relief Fund,” Joshi wrote on LinkedIn.
He said the campaign leverages blockchain technology to enable global crypto donations that ultimately settle in local currency and go directly to the Government of Nepal’s Prime Minister’s Disaster Relief Fund.
–IANS
scor/sd/