The Archdiocese of San Francisco is accepting cryptocurrency – joining a growing but still relatively small group of nonprofits and church organizations who can process donations in the digital currency.
The archdiocese has partnered with The Giving Block (thegivingblock.com) to make this happen. The Giving Block is the leader in cryptocurrency donation solutions for nonprofit organizations. It provides a system for nonprofits and charities to raise cryptocurrency dollars, a place for crypto donors to find nonprofits that accept crypto gifts, and an easy, secure way to make crypto donations.
The Giving Block is the cryptocurrency donation solution trusted by over 1,000 faith-based organizations, nonprofits, and universities. Among the organizations who use The Giving Block are the Catholic University of America, the American Cancer Society, Save the Children, and many others.
A cryptocurrency (or “crypto”) is an electronic, peer-to-peer currency. This intangible asset is created using encryption algorithms and is circulated independently of a central monetary authority, like a bank or government. Consumers can convert traditional currencies, such as dollars or euros, into crypto, which can then be used to make investments, or even purchase goods or services. Most crypto exchanges use blockchain technology, allowing users to make safe and secure transactions, whether they are buying, selling or trading crypto.
….Your cryptocurrency gift will have a great impact by furthering the mission of an Archdiocesan entity or ministry while reducing your tax-gain burden. When donating crypto, you receive a tax deduction for the fair market value of the crypto, and you avoid the capital gains tax you would have incurred if you had sold the cryptocurrency and then made a donation….
The above comes from an April 28 posting on the site of the Archdiocese of San Francisco.