Zcoin – a decentralized and open-source currency that provides financial privacy enabled by the Sigma protocol – recently announced on its website that it is accepting donations for the Iranian flood relief operation through iranrescuebit.com

Providing Aid with Cryptocurrency

Zcoin said it is looking to provide help for victims after several flash floods hit Iran in April, affecting 269 cities and 5,148 villages in 28 out of the country’s 31 provinces. 

Authorities estimate that damages to infrastructure, such as roads, bridges, homes and farms, amounted to approximately US$25 billion. As all financials channels to Iran have been blocked, the country has been forced to tap its reserves to provide aid to victims. 

“Sanctions still make it close to impossible to organize any outside help as the country is cut off from international payment systems and bank accounts of aid agencies have been frozen,” Zcoin said in a statement, detailing the reasons for setting up donation channels to Iran.

Donating with Zcoin to Bypass Formal Channels

With formal channels for donations closed off due to sanctions, cryptocurrency may be the only way the outside world can provide help to much-needed citizens in Iran.

“IranRescueBit is an effort by Iran-based cryptocurrency enthusiasts to allow for donations, circumventing the international banking system. All donations are converted locally at trusted exchanges and donated to the Iranian Red Crescent Society in local currency,” said Zcoin. “With Zcoin you now have the possibility to do good and to do so privately. We encourage our users to use Sigma to mint coins and donate anonymously.”

Source: https://siamblockchain.com

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