This article by @asiainitiatives is part of a blockchain Future Forward series. Explore the tag #futureforward to discover community-driven Steemians looking ahead and setting big goals within the crypto-sphere.
Asia Initiatives (AI) is a nonprofit organization that works primarily to support underserved communities, in particularly women and their families, by helping them realize their full potentials. Our mission is to leverage the power of social capital to promote healthcare, education and sustainable development.
Exploring Cryptocurrency and Empowerment
Time flows quickly, and Asia initiatives is always evolving in order to improve itself and reach new goals for the future. For this reason, AI has set itself the objective to develop its role in the cryptocurrency world by 2020. In fact, the benefits derived from cryptocurrency transactions are several, it is fast and efficient, and it is not necessary deal with paperwork or extra steps just to get the money. In fact, cryptocurrency would eliminate traditional payment processes that can take three or more days to deposit the money in the main account. For this reason, AI is deeply interested in the positive effects that cryptocurrency transactions can bring not only for the organizations itself but also for its international donors who don’t need to deal with currency exchange rates that often fluctuate, or the additional fees associated with international credit card payments. Moreover, cryptocurrency provides a new and easy donation method, eases the hassle of international payments and decreases the processing fees the organization should cover.
Furthermore, in order to accept crypto donations, AI is also thinking to implement a personal application that will allow for crypto donations that will automatically be converted into fiat (USD dollars). This is absolutely revolutionary because it will change not only the way AI works for, but also the entire non-profit word. In fact, donors are entitled to a larger deduction when they donate their cryptocurrency to a qualifying non-profit organization. The deduction depends on how they held the cryptocurrency, coming even to be able to deduct the lesser of cost basis or fair market value up to 50% of adjusted gross income. These rules are very favorable to donors holding appreciated virtual currency as capital assets, allowing them to avoid incurring a tax for capital gains on the cryptocurrency. At the same time, from a tax perspective there would be some positive aspects also for AI itself, because it would handle this very similarly to other non-cash assets. In fact, the IRS has classified cryptocurrency as property for federal income tax purposes. Therefore, the sale of the cryptocurrency, regardless of how long the property is held and regardless of any gains, is not taxable income.
Finally, AI is thinking about to bond the large cryptocurrency world to a new project that recently it has started, and which represents a great success for the organization. In fact, last April Asia Initiatives participated in the Competition for ‘City-preneurs’ to pitch innovations that can help 21st Century cities become liveable and happier. The primary objectives of The “Happy Cities Summit: Amaravati 2018” were several, such as for examples: sharing urban solutions and innovations particularly relevant for new and emerging cities in the developing world or also becoming the platform for showcasing cutting-edge urban innovations that can be embedded in 21st Century cities in India and globally, providing opportunities for stakeholders to takeaway tangible learnings for implementation in their respective cities and engaging citizens in planning their cities.
In its application AI pitched its innovative concept of Social Capital Credits (SoCCs) whose purpose is to facilitate citizen engagement and make them partners in governance in Amaravati. As a powerful tool SoCCs enable truly crowdsourced urban design and management. This includes better public spaces, safer streets, better waste management, better education, better health and more green spaces. In particular, SoCCs give to the people a chance to come together and effect change. Besides, it enables them to drive urban planning strategy, be a participant in creating and maintaining civic services and make government more accountable. Based on a rigorous evaluation of applications, AI was selected among the 12 finalists to pitch its innovations to an eminent jury comprising funders, city leaders, and experts at the summit which was held at Vijaywada, Andhra Pradesh, India. AI was adjudged among the top 6 winners and was felicitated by the Honorable Chief Minister of Andhra Pradesh, Mr. N. Chandrababu Naidu.
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