Cryptocurrencies gain trust of charities as giving goes digital
Wateraid and British Asian Trust open to new ways of donating for good causes
By NADEEM BADSHAHJan 06, 2023
MORE charities doing life-saving work in south Asia have revealed that they are ready to accept donations via virtual cryptocurrencies.
A crypto currency is a digital form of payment that can be used as a currency and a virtual accounting system.
On GivingTuesday in 2021, crypto 렛저 지갑 donating increased by 839 per cent and over £1.9million in total was raised around the world, according to data provided by The Giving Block platform.
Donation website JustGiving said on GivingTuesday in 2021, more than £1.3m was donated through digital payments such as Bitcoin and Ethereum.
The British Asian Trust, founded in 2007 by King Charles III and which carries out projects in south Asia, said it is looking into accepting cryptocurrencies.
A spokeswoman for the charity told Eastern Eye: “Donations of all kinds are important to our work across south Asia, helping to tackle widespread poverty, inequality and injustice.
“While we have not yet been approached by anyone wishing to make a donation in this way, we are exploring options for accepting cryptocurrency.”
Other charities which have moved into the digital world include WaterAid, which carries out work in India, Pakistan and Bangladesh, and accepts money from dozens of cryptocurrencies via its crypto wallet Gemini.
Penny Appeal, a UK charity which raised funds after the floods in Pakistan last summer, accepts crypto donations through a tool on its website.
Adeem Younis, founder of Penny Appeal, said, “It is making a huge difference. Rather than having a crypto wallet, transferring it to a sterling account, liquidating the crypto then transferring it. “Crypto is easy, one click. You can do it on your mobile phone, it’s so simple.
“The top individuals in Silicon Valley in tech segment are of south Asian origin. A lot of people are using this.
“Our communities are very generous. The easier we make it, the more that they will donate.”
Adeem Younis
Children International, which tackles poverty in several countries including India, also accepts donations from more than 100 cryptocurrencies.
It said: “When you donate cryptocurrency to a registered charity, you do not recognise capital gains from the donation and can deduct it on your taxes.
“In other words, donating your crypto can often reduce your tax burden.
“We are able to convert these gifts into dollars as soon as we receive them. Our partnership with The Giving Block makes this an easy, simple conversion.”
Ruhul Tarafder, an entrepreneur who works with charities supporting projects in Bangladesh and Myanmar including BanglaAid, believes there are pros and cons towards turning to payment methods such as Bitcoin.
He told Eastern Eye: “Any donation to a good cause is welcome.
“You need to have a crypto account for people to donate, perhaps one for Bitcoin, one for other types of currency. The value has dropped tremendously. Does the charity cash in the donation straight away or hold onto it as an investment?”
A HM Revenue and Customs report published last summer found that 76 per cent of UK crypto asset owners were under the age of 45, with half considering it a “fun investment”.
Some 10 per cent of UK adults said they hold or have held a crypto asset while 19 per cent said it was a “core part of my investment portfolio”.
Tarafder added: “Young people are into crypto, it is easy if people are using it [on their phone].
“The whole world is moving into that direction, it could be the future.
Tom Grogan (Pic: mdrx.tech)
“It is important to be up to speed on it and be prepared.” The CEO of firm MDRxTech, Tom Grogan, said charities that allow people to donate in cryptoassets are able to open up a potential donation funnel.
He told Eastern Eye: “There are several high-profile examples of charitable cryptoasset donations and making it easy for potential donors to donate without needing to off-ramp into fiat which can increase receipts [off-ramping means exchanging cryptocurrency for something else.
“Fiat money is a currency declared legal by the government].
“Direct cryptoasset donations allow donors to avoid the transaction fees associated with exchanging their holdings into fiat and the various tax obligations that such an exchange may create.
“Donors can also benefit from a smoother user experience through direct donations.”
Grogan added: “Typically, charities are exempt from CGT [capital gains tax] and cryptoasset donations wouldn’t by themselves negate this.
“Direct cryptoasset donations would not be eligible for Gift Aid.
“Charities would therefore need to satisfy themselves that the increase in donations would make up for the loss of the Gift Aid uplift.”
A report in December by the Charity Commission for England and Wales, the independent regulator for the sector, said the most recent research suggests the public’s trust in charities has increased, but “this trust remains unevenly distributed across the public.”
The report added: “Whilst social media was mentioned commonly across all age groups, concerns were raised among younger participants here regarding potential scams on social media related to influencers and cryptocurrency.”
Meanwhile, The Giving Block platform recently advised people on how to give to charities using non-fungible tokens (NFTs) which are digital tokens that represent a unique asset like art, digital content, or media.
The Giving Block said: “NFT fundraising is similar to traditional fundraising strategies such as art auctions and crowdfunding.
“Many non-profits hold NFT charity auctions or partner with NFT creators to receive the proceeds from NFT sales.”
UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.
Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.
“We’re excited to bring Kings Court Hotel into our portfolio as our first Warwickshire acquisition,” said Saluja. “It has a solid foundation and loyal customer base. We see potential to develop the hotel while preserving its heritage.”
The West Midlands hotel, on a 4.2-acre site between Alcester and Redditch, began as a 17th-century farmhouse and now operates as a hospitality business with public areas, event and conference facilities and wedding capacity for up to 130 guests.
The hotel’s previous owner said Kings Court had been central to their work for over 30 years.
“It’s been a privilege to grow it into what it is today,” the owner said. “As we retire, we’re pleased to see it pass to a new owner who shares our commitment to hospitality and has a vision for its future.”
“The sale of Kings Court Hotel drew strong interest due to its size, location and trading performance,” said Josh Sullivan and Peter Brunt of Colliers International UK. “We’re pleased to have completed the transaction with Nanak Hotels and look forward to seeing how they develop the asset.”
In February, UK-based Shiva Hotels, led by founder and CEO Rishi Sachdev, secured $372m (£289m) to renovate The BoTree in Marylebone, London. Separately, Indian tech firm Oyo announced a $62m (£48m), three-year plan to expand its UK hotel portfolio by acquiring inventory and securing leasehold and management contracts, supporting 1,000 jobs.
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PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.
The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.
She has been appointed for a five-year term and will also join the HUL board, subject to necessary approvals. She will continue to be a member of the Unilever Leadership Executive.
Nair began her career with HUL in 1995 and has held various roles across sales and marketing in the company’s Home Care, Beauty & Wellbeing, and Personal Care businesses.
Between 2014 and 2020, she served as executive director, Home Care and later as executive director, Beauty & Personal Care from 2020 to 2022. She then moved to a global role as the chief marketing officer for Beauty & Wellbeing at Unilever, and in 2023, was named president of the business.
Under her leadership, the Beauty & Wellbeing division has grown into a more than £10 billion global business covering hair care, skin care, prestige beauty, and health and wellbeing, including vitamins, minerals and supplements.
She has overseen brand building, innovation, revenue growth, digital transformation, and profit delivery.
Speaking on her appointment, HUL chairman Nitin Paranjpe said, “Priya has had an outstanding career in HUL and Unilever. I am certain that with her deep understanding of the Indian market and excellent track record, Priya will take HUL to the next level of performance.”
Nair’s appointment comes after Jawa’s two-year term, during which the company focused on volume-led growth. “On behalf of the Board of HUL, I would like to thank Rohit for leading the business through tough market conditions and strengthening its foundations for success,” Paranjpe added.
Over her 28-year career, Nair has built and managed several leading consumer brands. She is recognised for turning around underperforming businesses and leading cross-functional teams.
The Indian executive has also served as an independent director on the board of a publicly listed Indian company, a board member of the Advertising Standards Council of India (ASCI), and a member of several government-backed partnerships and industry bodies.
Nair currently lives in London with her husband and daughter.
(with inputs from PTI)
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