Animal charity Hope Rescue has announced it has become one of the first charities in Wales to accept cryptocurrency donations.
Hope Rescue says that it has made the move as “we believe innovative solutions are the key to helping us make sure we can fulfil our mission of saving the lives of stray, abandoned and unwanted dogs”.
It added: “With over 1,000,000 users of cryptocurrencies worldwide, accepting cryptocurrency donations will make supporting our cause accessible to everyone”.
Our big news! We're launching #cryptocurrency donations. We're one of the first charities in Wales to do so and we're very excited. Find out more - https://t.co/03mbUp5Zog pic.twitter.com/HdDYpans39
— Hope Rescue (@HopeRescue) July 1, 2022
The move comes despite the plummeting value of the digital currencies, which are powered by blockchain technology.
Last week the value of Bitcoin fell by 3% and is now worth £16,067.
This is part of a decline in the value of Bitcoin since last year, which had been worth more than £53,000 during periods of 2021.
A Yougov survey last year found that only 5% of the public would be prepared to give up their bank accounts and rely entirely on cryptocurrency.
Yougov said this indicated that the public continue to see cryptocurrency as a “conventional investment” rather than a form of exchange they can use each day.
This year’s NCVO Road Ahead report noted there “is a clear potential for charities” to use cryptocurrencies to attract donations.
However, it raised concerns around the transparency of where the donations have come from due to anonymity in the blockchain technology used to generate the digital currency.
Charities to successful garner cryptocurrency donations include Children’s Heart Unit Fund, which received a one off donation through this form of currency of £38,000.
Healing Households Under Great Stress, the RNLI and the Turing Trust are among other charities to accept cryptocurrency donations.
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