Nepal Finds a Legal Route for Crypto Donations Amid Flood Relief Efforts

Crypto users worldwide can now donate to Nepal's Prime Minister's Disaster Relief Fund without sending digital currencies into the country, thanks to a new financial channel.

The arrangement converts crypto into US dollars in the United States before transferring the money through the formal banking system.

Nepal bans the use and trading of cryptocurrencies, but this new route has created a legal corridor for crypto-based relief donations.

$500 in crypto-to-fiat donations had reached the government's relief fund by Monday, Finance Minister Swarnim Wagle told Kantipur.

The initiative brings together Polygon, US financial technology company Cross River Bank, and Engage Nepal to collect crypto donations, bridge the assets, and convert them into USDC, a dollar-pegged stablecoin.