Tether and Bitfinex have launched a public fund to help Salvadoran people affected by gang violence.

Key Takeaways:

  • The fate of the Salvadoran people is a source of concern for Bitfinex and Tether. The two companies recently created a crypto fund to aid Salvadoran families who have been harmed by the country’s conflict.
  • This is due to an uptick in gang violence that began two weeks ago, when more than 60 Salvadorans died as a result of gang violence on March 26.
  • The two companies have already contributed 25 BTC to the aforementioned fund, amounting to about $1 million at the time of the gift, and expect many more to follow suit.
  • Nayib Bukele’s appearance at the Bitcoin 2022 conference in Miami on Thursday was also cancelled due to “unforeseen circumstances” in his native country.

El Salvador was labelled the “world’s homicide capital” for a long time. The country’s murder rate, which reached at nearly 105 homicides per 100,000 inhabitants in 2015, has dropped dramatically over the last seven years. The number of killings has decreased by half since President Nayib Bukele took office in 2019. In the first two months of 2022, the country set a new record: four days without a single reported killing.

However, unrest erupted in El Salvador with a fury late last month, in just 72 hours. A total of 87 Salvadorans were killed between March 25 and March 27. Most of the victims, according to El Faro, had no known ties to the maras, El Salvador’s violent street gangs.

The charity sphere and philanthropy have benefited greatly from blockchain technology, which makes it easier to handle and transfer funds in a secure and transparent manner. Blockchain technology is already being used by businesses and governments in a variety of applications.

Bitfinex, a renowned cryptocurrency exchange, and Tether (USDT) have teamed together to help fund 36 Bitcoin (BTC) for families in El Salvador who have been afflicted by gang violence. The CTO of Bitfinex and Tether, Paolo Ardoino, announced the progress of the donations on Twitter, along with a link to the Bitcoin address where the amounts are kept.Tether And Bitfinex Have Launched A Public Fund To Help Salvadoran People Affected By Gang Violence.

Bitfinex’s CTO stated:

He believes that the families of El Salvador require their help now more than ever… “I’ve seen a lot of leaders from our community knock on the president’s door, take selfies, and publicly declare their support.”  Now is the moment to take action.

The donated amounts will be used in partnership with the local government and community organisations, and will be closely monitored to ensure that they are distributed fairly.

“Helping families affected by pandillas > buying jets and lambos.”

Bitfinex and Tether had initially provided 25 Bitcoin ($1 million) to support families in El Salvador who had been afflicted by gang violence. Mr. Ardoino, the CTO of both organisations, revealed the Bitcoin address in the tweet above for the crypto community to contribute.

He also praised President Nayib Bukele’s efforts to promote Bitcoin acceptance in El Salvador, and urged the crypto community to help gang-affected families in the country. Mr. Ardoino expressed his thoughts as follows:

Since 2021, many crypto important people and corporations have congratulated nayibbukele, its government, and its people for initiating a valiant struggle for financial independence, investing in bitcoin as a better, fair, and robust monetary system for the country’s future.

President Bukele stands strong against Gangs in El Salvador:

President Nayib Bukele declared a state of emergency in El Salvador two weeks ago after the country had 62 homicides in a single day.

President Bukele has spearheaded the charge to seek down and arrest gang members around the country since then. He has been updating his Twitter followers on the status of police enforcement on a daily basis.

Police and military forces increased their involvement on the ground and made over 8,000 arrests. Local and international observers were quick to issue warnings about the possibility of widespread human rights violations. Bukele and his associates retaliated by intensifying the crackdown, including toughening mandatory minimums for gang-related offences, removing due process safeguards for alleged gang members, and attempting to imprison journalists who promote gang messages.

The Salvadoran government is currently engaged in an all-out #GuerraContraPandillas, or war against street gangs, Bukele’s latest hashtag.

This crisis has forced President Nayib Bukele to withdraw from Bitcoin 2022, the conference where he declared last year that El Salvador would adopt Bitcoin as official cash. To try to stop this problem, Bukele has made difficult decisions. More than 80 people were killed in gang confrontations around the country in March alone. Bukele responded by suspending constitutional guarantees and proclaiming a state of emergency.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!