The quick accumulation of international aid for Ukraine using cryptocurrency assets during the invasion of Russia, as well as the simplicity and openness of tracking the sums accumulated and delivered thanks to the blockchain, demonstrated to the world yet another application for developing crypto assets. After the consecutive earthquake is that struck 11 provinces in Turkey on February 6, 2023, the goals remained the same in order to satisfy the demands of search and rescue operations and everyone who was affected. Turkish cryptocurrency users and stakeholders took an active part in this crisis from the beginning, communicating vigorously and successfully while also providing significant assistance.
The Earthquake in Turkey and the Cryptocurrency
There were DAOs established from the beginning to raise money. Social media was used to quickly shape public coordination so that official institutions and non-governmental organizations could raise money, some of it by using cryptocurrency. As an illustration of this, musician Haluk Levent said that he had met with MASAK after conducting a survey to gather donations using cryptocurrency on behalf of the AHBAP Association, one of the most well-known civil organization groups in recent years.
With the purpose of gathering bitcoin assets, converting them into fiat cash, and making them known, a personal cryptocurrency wallet was developed. On this note, we also saw how quickly large sums of cryptocurrency were amassed. As further examples from Turkey, central exchanges Paribu and BtcTurk took action to gather help.
It Seems not Feasible to Use Cryptocurrencies Directly
Currently, it is not feasible to offer help using cryptocurrencies directly and solely -without converting them into fiat money-. They must be registered in the financial records and have relevant documents to provide proof for financial and taxation systems.
For the same reason, for instance, we have seen that AHBAP and other organizations create cryptocurrency wallets to convert the cryptocurrency assets sent to these wallets into fiat currency and then transfer the funds to the appropriate accounts.
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