Reports show that a local Web3 community has initiated a charitable campaign called ‘Crypto Aid Israel’ with the primary objective of providing humanitarian assistance to Israeli citizens who have been adversely impacted by a recent conflict.
This follows the recent conflict that broke out between the state and Israel and the Hamas group which has led to the deaths of hundreds of people living in Israel and Gaza.
It began when Hamas, a Palestinian group, initiated an unexpected assault on Israel from the Gaza Strip. In response, the Israeli military has retaliated against the attacks on the terrorist group.
The “Crypto Aid Israel” initiative is driven by the community and utilizes Web3 technologies alongside conventional currency forms.
This isn’t the inaugural instance of cryptocurrency being employed to aid humanitarian efforts; for instance, following a recent earthquake in Turkey, Binance pledged $5 million in cryptocurrency to assist the affected victims.
Israel and Web3
Over time, Israel has shown a growing interest in cryptocurrency. In June, the Israeli government assumed control of funds held in various cryptocurrency accounts suspected of providing support to Hezbollah and the elite unit of the Iranian paramilitary group, the Quds Force.
Israeli Defense Minister Yoav Gallant instigated this action, and it involved various agencies, including the Israeli Police, the Mossad spy agency, and military intelligence. The goal was to transfer these funds into the custody of the Israeli government.
Furthering its operations into the Web3 space, it also launched a public consultation to investigate the legal and financial aspects of Decentralized Autonomous Organizations (DAOs).
This effort aims to evaluate how DAOs should be recognized as corporate entities, establish regulatory guidelines, and determine taxation procedures for them within the country.
It also reflects Israel’s interest in adapting its legal and financial framework to accommodate the growing influence of blockchain-based decentralized organizations like DAOs.
