Leading Medical Charity Exploits Cryptocurrency Tax Status by Accepting Bitcoin and Others
The Dementia Society of America (DSA) has just announced that it will be accepting a range of cryptocurrencies going forward. Thanks to the financial technology’s classification as property in the US, donations made to the charity using digital assets will not be taxed.
In addition to the general acceptance of cryptocurrency, the charity has also launched a new fund raising initiative called “clicks-to-brick”. The effort will allow donors to swap digital currency for bricks to be used in the construction of its new headquarters.
Dementia Society Accepts Cryptocurrency, Sees Bright Future for Blockchain Application in Charity
According to a press release published by the Dementia Society of America, the charity will now accept Bitcoin and other cryptocurrency donations. The coins accepted will be Bitcoin (BTC), Bitcoin Cash (BCH), Ether, (ETH) and Litecoin (LTC). The charity will also accept the stablecoin offered by digital currency exchange Coinbase, USD Coin.
Dementia Society of America Begins Accepting Five Cryptocurrencies https://t.co/VxCUdwZC2P
— Dementia Society (@DementiaOrg) July 4, 2019
The release states that the founder of the charity made the announcement close to where the US Declaration of Independence was signed in 1776. At the symbolic spot, on Independence Day, Kevin Jameson reportedly said:
“We have long understood the innovation and freedom-loving value of cryptocurrencies like Bitcoin, and have decided to partner with The Giving Block to expand our crypto capabilities and engage the community, thereby expanding our reach. We will now accept Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and USD Coin for general fund donations, legacy donations, and for those donations made in memory or honour of a loved one.”
Later in the release, the charity states that it believes cryptocurrency and blockchain technology could well find use cases for those living with dementia or those caring for them:
“Whatever is on the horizon, DSA strongly believes in investing in the future of blockchain by embracing its forward-thinking and unbounded applications.”
However, it is not just a passion for the technology that has driven the move to accept cryptocurrency donations. The release states that since the IRS classifies Bitcoin as property, donations made using it, or any other digital currency, are currently tax exempt. This makes it a more efficient way for charities like the DSA to put the donations they receive to use.
As well as just opening up to cryptocurrency donations generally, the DSA has created a page on its website all about crypto-specific initiatives taken by the charity. One is called “clicks-for-bricks”. Donors will be able to buy bricks to be used in the construction of the DSA’s new national headquarters directly using cryptocurrency payments.
Jameson personally seems to have no problem with the evolution of money and sees cryptocurrency as just that:
“We want the crypto community to know that we support innovative mediums of exchange. More than 2,000 years ago, we traded salt and gold for our labours – as we were worth our weight in it – today, it’s bits and bytes, and since our society’s origins just over 5 years ago, we’ve understood that there is always lasting value to human kindness, no matter the currency.”
Related Reading: Charitable Organisations Increasingly Receiving Donations in Cryptocurrency
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