GREAT FALLS — The Salvation Army is now accepting cryptocurrency as a new form of donating online, as the organization provides relief for millions affected by the pandemic. Cryptocurrency is a digital asset designed to function as an alternative to normal sovereign currency, such as U.S. dollars.
“It’s an asset that can be exchanged for U.S. dollars that can help people in need right now in the community,” said the Salvation Army’s secretary for communication, Kyle Smith.
In March 2014, the IRS ruled that cryptocurrency, such as bitcoin, would be treated as property for tax purposes. Those who make a cryptocurrency donation will receive an electronic receipt with comprehensive details for each transaction that can be used for tax-deducible donations.
Smith said he’s excited for the possibilities of these new digital donations.
“We’re just excited about it because it’s very easy,” Smith said. “Those that own cryptocurrencies and bitcoin and understand it, will find that it’s very easy. They just go on, it’s just like a credit card transaction and they can donate and it comes literally that day and as soon as it’s verified on the blockchain, it directly comes to The Salvation Army to help their local community.”
All funds collected by The Salvation Army go towards providing emergency relief to those in need and to their ongoing programs, such as shelters and hospitals.
You can learn more about cryptocurrency donations to The Salvation Army here.