Last Friday, a 7.7 magnitude earthquake struck near Mandalay, Myanmar, causing thousands of casualties. Cryptocurrencies play a crucial role in speeding up aid efforts in this crisis.
Earthquake Aftermath and International Aid
The Myanmar earthquake, originating 10 kilometers below the surface, is the most powerful since 1912 and the second deadliest in the country's modern history. Over 2,000 lives have been lost and more than 3,400 injured. International aid has started arriving, with the United Nations pledging $5 million, China committing $13.8 million, and additional support from India, Russia, and the U.S.
How Cryptocurrencies Help in Crisis Situations
In the aftermath of disasters, traditional financial systems often struggle with swift aid distribution due to damaged infrastructure and banking delays. Cryptocurrencies like Bitcoin and Ethereum offer instant, transparent transactions, ensuring that funds reach victims quickly.
Crypto Community's Role in Assisting Victims
The crypto community has swiftly mobilized to assist earthquake victims. Binance co-founder Changpeng Zhao announced a donation of 1,000 BNB, approximately worth $611,000, split between Myanmar and Thailand. Additionally, blockchain expert Anndy Lian contributed 44 BNB, encouraging his followers to support relief efforts.
The Myanmar-Thailand earthquake highlights the need for efficient relief mechanisms. Cryptocurrency donations prove effective, bypassing banking delays to deliver direct support to those in need.
